2024-12-31-accounts

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

ANNUAL REPORT AND FINANCIAL STATEMENTS . = GC * id " f / 4 For the year ended 31 December 2024

Registered Charity 1001291 Registered Company Number 02552942

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Annual Report 2024

Report from our Chair 4 Report from our CEO 4 Strategic Plan 5 KPI Performance 8 Projects in 2024 10 Core Programmes 12 Conservation Partners 17 Individual Giving and Fundraising 18 Corporate Community 20 Appeals 2024 21 Impact in 2024 22 WLT Income and Expenditure 24 People of WLT 25 Sustainability 26 Governance 28 Report of the Trustees 30 Independent Auditor’s Report 42 Financial Statements 46 Notes to the Accounts 50

Image credit: Cover - EcoTrust. Left - Sebastián Benalcazar/Nature and Culture International

Bae. 2 World Land Trust f Year ended 31 December 2024

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Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Report from our Chair and CEO

Strategy map How WLT will deliver its 2021-2025 Strategic Plan

Myles Archibald, Chair of Trustees

As Chair of Trustees, I am pleased from our collective network of to introduce the World Land Trust partners and supporters. 2024 (WLT) Annual Report for 2024, a was the penultimate year of our year that has again 2021-2025 Strategic Plan and demonstrated the power of we have seen our network of partnership in addressing the conservation partners expand twin crises of biodiversity loss their protected areas, strengthen and climate change. local communities’ involvement in conservation, and enhance the Our role as Trustees is to resilience of some of the world’s ensure the charity remains most threatened habitats. strategically focused, financially sound, true to its mission Our supporters remain at the and, in all these areas, WLT core of all we do - their continued strives to lead by example. generosity enables us to respond The achievements outlined in with speed, flexibility, and integrity this report are the result of an in an ever-changing world. unwavering commitment to impact-driven conservation

Our supporters remain at the core of all we do - their continued generosity enables us to respond with speed, flexibility, and integrity in an ever-changing world.

Dr Catherine Barnard, CEO

2024 has been a year of both reflection and renewed purpose for WLT. After more than three decades of working in partnerships to protect threatened habitats, the urgency of our mission has never been clearer. The escalating loss of biodiversity and everworsening impacts of climate change are stark reminders that conservation is not a luxury, it is an irrefutable necessity.

alone, from Amazonian Ecuador to the foothills of the Himalayas. These are not just statistics, they represent living, breathing ecosystems home to jaguars, elephants, and thousands of lesser-known and as yet unrecorded species that depend on these places for survival.

At the heart of our success is a model built on trust. Our partners know their landscapes better than anyone, and it is their expertise, commitment, and vision that drive the success of every hectare protected. We are equally grateful to our supporters—individuals, businesses, and institutions, whose generosity powers this work. Each donation is a vote for a thriving, more resilient planet.

Despite the challenges faced globally, I am delighted to report that our approach continues to deliver tangible results on the ground. By supporting our network of conservation partners, we have helped safeguard over 173,858 hectares (429,612 acres) of irreplaceable habitat this year

As we look to the future, the challenges are significant but so too is the opportunity. We are committed to scaling up our efforts, deepening our relationships with local partners, and ensuring that the protection of nature remains central to global environmental action.

At WLT, we remain hopeful for the future, as the pressures on natural ecosystems mount, so too does our resolve to act. We will continue to grow our impact; champion locally-led conservation and ensure that every donation entrusted to us delivers lasting change.

Thank you for joining us in protecting nature, for wildlife, for people, and for the future of the world we all share.

Vision

Mission

Helping people across the world protect and restore their land to safeguard biodiversity and the climate

Protect the world’s most threatened habitats and species for the future

Strategic aims

Partnership

Planet

People

To develop partnerships to deliver sustainable land and management for conservation and climate

To be an inspirational organisation that empowers positive actions for nature

To protect larger, more connected and climate-resilient landscapes that contribute to local and international biodiversity goals

Objectives

Develop effective partnerships and strategic alliances

Invest in digital transformation

Grow our income

Ensure operational excellence

Deploy our staff and resources strategically and efficiently

Deliver inspiring and compelling stories

Develop strong, long-term partnerships that deliver effective, replicable and scalable conservation

Ensure we value and nurture every supporter

Invest in our staff to be the best they can be

Inspire and engage supporters in the work we do and empower a movement of action for nature

Deliver tangible long-term benefits for nature, climate and local communities

Develop organisational capabilities and systems and seek continuous improvement

Values

Positive

Supportive

Focused

Honest

Image credit: Chantelle Melzer

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4 World Land Trust Year ended 31 December 2024

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Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Strategic Plan KPI Performance

WLT’s achievements and performance in 2024

Total priority land saved

Year eel	Target eee	Performance eee
2021	160,000 ha	189,349 ha
2022	340,000 ha	261,062 ha
2023	540,000 ha	413,267 ha
2024 2025	760,000 ha 1,000,000 ha	686,162 ha

Target Performance eee

In 2024, WLT saved 244,342 ha of priority land, 173,858 ha (71%) of which was funded solely by WLT. A further 70,484 ha was co-funded. Note that we only recognise land saved at the point of legal acquisition. There is a variable time-lag between committing to a project and land acquisition, with over 600,000 hectares committed but not yet legally acquired.

	1 Total priority habitats connected
Year Target Performance ee
	2021	400,000 ha	1,216,758 ha
	2022	800,000 ha	1,568,592 ha
	2023 2024	1,200,000 ha 1,600,000 ha	1,570,910 ha 1,708,948 ha
	2025	2,000,000 ha

In 2024, WLT supported six corridors: two within A Rocha Kenya’s (ARK’s) Dakatcha Nature Reserve connecting existing partner properties, and two within Fundación para el Ecodesarrollo y la conservación’s (FUNDAECO’s) Cerro San Gil project area— one connecting two existing partner reserves and one connecting Cerro San Gil Watershed Protection Reserve to Rio Dulce National Park in Colombia. The final two within Tanzania Forest Conservation Group’s (TFCG’s) Village Land Forest Reserves (VLFR) project area. One forms a corridor between the existing Matapwa and Makumba forest reserves. The other forms a corridor between Rondo Nature Forest Reserve and existing TFCG VLFRs. An additional area of 118,317 ha was brought into WLT’s contiguous network by these six corridors. [Note the additional 823 ha growth between 2023 and 2024 was due to expansion of non-WLT supported reserves].

Forests maintained in WLT-backed reserves
Year Target 2021 Forest loss rates not surpassing -0.35% 2022 <-0.35% 2023 <-0.35% eeee	Performance -0.30% -0.27% -0.17% eee
2024 <-0.35%	-0.79%
2025 <-0.35%

• This includes adjustment of the 2021 and 2022 figures according to latest Hansen estimates.

The above is based on assessment of 107 projects with acquisitions made during or prior to 2024. 14 of these had a forest loss rate greater than the KPI of <= 0.35%, with 93 projects having forest loss rates lower than the KPI. The higher rates of forest loss were largely driven by wildfires in Guatemala that impacted 3 reserves raising the KPI above its target value. While the impacts on these projects have been severe, these 3 reserves contribute just 0.11% of the full area of all projects included in the assessment.

Year Target Biodiversity maintained in WLT-backed reserves	Year Target Biodiversity maintained in WLT-backed reserves	Performance
2021 2022	Population persistence levels of key indicator species at >98% >98%	98.88% 98.91%
2023	>98%	97.15%
2024	>98%	98.80%
2025	>98%

In 2024, WLT’s partners reported information on over 365 populations of key indicator species at 73 reserves that WLT has helped to establish, with partners monitoring the ongoing presence of species at these sites. This includes data for more than 135 species that are globally threatened (classified as Critically Endangered, Endangered or Vulnerable by the IUCN).

Number of active WLT partners

Year Target Performance el el	Year Target Performance el el	Year Target Performance el el
2021	30	37
2022	33	47
2023	36	52
2024	39	53
2025	42

WLT met its target with the acquisition of one new partner in 2024, bringing the total of active partners to 53.

Income increasing by at least 15% year on year	Income increasing by at least 15% year on year
Year Target Performance Co
2021 2022 2023 2024	+15% growth on 2020 income of £7,122,000 +15% growth on previous year’s income +15% growth on previous year’s income +15% growth on previous year’s income	£8,192,000 (+15.02%) £8,790,000 (+7.3%) £10,232,000 (+16.4%) £8,699,000 (-14.9%)
2025	+15% growth on previous year’s income

Missing the 2024 income target was mainly attributable to a fall in legacy income and a reduction in donations from trusts and foundations, but also reflects a challenging fundraising environment.

Spending on growth and future income

Year Target Performance CO	Year Target Performance CO	Year Target Performance CO	Year Target Performance CO
	2021	5%	1.5%
	2022 2023	5% 5%	2.2% 2.4%
	2024	5%	4.2%
	2025	5%

Brand promotion to reach larger numbers of supporters increased our spend in 2024, but we have not yet reached our target of investment required.

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Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

A Year of Conservation Around the World

Here are some of the impacts made possible by our community in 2024

helped to pass a new law – the ~

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Core Programmes

Core Programmes

Buy an Acre

In 2024, supporters of WLT’s flagship Buy an Acre programme helped to protect vital land in some of the most threatened areas in the world, from South Africa’s shrubby renosterveld to Brazil’s misty Atlantic Forest.

In Argentina, supporters helped Fundación Biodiversidad Argentina (FBA) complete fundraising for more than 5,400 ha (13,370 acres) of Dry Chaco Forest, habitat to more than 3,400 plant species and over 150 mammal species including the Endangered Chacoan Peccary ( Catagonus wagneri ).

Elsewhere in Argentina’s Somuncurá Plateau, Fundación Hábitat y Desarrollo (FHD) continued to expand the Somuncurá Plateau Reserve by 4,605 hectares (11,379 acres) with the help of Buy an Acre supporters. In this remote habitat, endemic species such as the Critically Endangered El Rincon Stream Frog ( Pleurodema somuncurense ) and Naked Characin ( Gymnocharacinus bergii ), both of which are only found in a single thermal-heated stream on the plateau, can be monitored and safeguarded from invasive species and disturbance.

In South Africa, Buy an Acre is in the process of supporting Overberg Renosterveld Trust (ORT) in acquiring 208 hectares (514 acres) of a renosterveld patch —a critically threatened habitat unique to the Overberg region and home to an abundance of some of the rarest bulb and shrub plant species in the world.

Two WLT partners, Nature Kenya and A Rocha Kenya (ARK), continued their work in

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Kenya’s Dakatcha Woodland with
support from Buy an Acre. With
the completion of purchases of
430 hectares (1062 acres) by ARK
and 250 hectares (618 acres) by
Nature Kenya that began in 2022,
the protected land has been
confirmed as a roosting site for
the Endangered Sokoke Scops Owl
( Otus ireneae ). an
In Brazil, Reserva Ecológica de
Guapiaçu (REGUA) is working to
protect some of the last 7% of the
country’s Atlantic Forest, one of the
world’s most diverse forest regions
with 44% of its plants and 30%
of its birds found nowhere else.
Home of the Ocelot ( Leopardus
pardalis ) and Lowland Tapir at try : , \ oe 4
( Tapirus terrestris ) and many
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to the purchase of the 1,636-ha
(4042-acre) Cozzolino property
to ensure that the rich biodiversity
within is not lost to the logging and
deforestation that has devastated
so much of the forest.
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Image credit: from top to bottom - Fundacion Somuncura, Overberg Renosterveld Conservation Trust, Chris Hodgson, REGUA, Fundacion Biodiversidad Argentina

Plant a Tree

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119,000 trees
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planted with four new members of nursery Plant a Tree staff to help towards its goal in 2024 of planting 700,000 trees in the Caucasus Wildlife Refuge by 2027. REGUA have restored 12 28,000 trees hectares (30 acres) of land in India Brazil’s Atlantic Forest in 2024. Despite severe droughts, REGUA successfully planted 21,000 now-thriving trees. With 28,000 trees planted in 2024, Wildlife 21,000 trees Trust of India (WTI) are on track Brazil to completing their target of restoring 200 hectares (494 acres) with 150,000 trees. 2024’s efforts included the replanting of saplings to revive the flood affected areas at the Namsing 70,000 trees Armenia and Paglam restoration sites.

WLT’s Plant a Tree programme continued to work directly with local communities to use nature-based solutions to tackle climate change and biodiversity loss. In 2024, trees planted through the programme accounted for almost half of the WLT-supported forest restoration carried out across all projects.

In Armenia, Foundation for the Preservation of Wildlife and Cultural Assets (FPWC) Caucasus Wildlife Refuge planted a staggering 70,000 trees, built five new tree nurseries, and was joined by

82,048 WLT in Madagascar Planet Madagascar Association (PMA), Restoration Ankarafantsika National Park (43,048) Missouri Botanic Garden’s Madagascar Programme In addition to our Plant a Tree (MBG-Madagascar), 8,465 programme, in 2024, 248,775 Ankarabolava-Agnakatrika Forest (39,000) in Nepal trees were planted with WLT Koshi Tappu support across all projects: Kanchenjunga Biodiversity Education Livelihood TerraStudio (KTK-BELT), Siwalik Foothills

1,496 in Angola Fundação Kissama, Mount Moco

334 in Uganda Kara-Tunga Foundation, Central Forest Reserves

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In 2024
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21,000 in Brazil Reserva Ecológica de Guapiaçu (REGUA), Guapiaçu reserve

248,775 trees

7,300 in Colombia Fundación Guanacas Bosques de Niebla, Guanacas Reserve

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were planted with WLT support across all projects:
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70,000
Foundation for the in Armenia 55,462
Preservation of Wildlife and in India
Cultural Assets (FPWC),
Caucasus Wildlife Refuge Wildlife Trust of India (WTI),
D’Ering-Dibru Wildlife
Corridor (28,000) and Garo
Green Spine (27,462)
1,400 » 1,270
in Honduras in Peru
Asociación Ecológica de San Marcos Amazonicos por la Amazonia
de Ocotepeque (AESMO), Trifinio Association (AMPA),
Conservation Corridor Bajo Huallaga
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Image credit: Clockwise from 12 - MBG Madagascar Programme, WTI, FPWC

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Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Core Programmes

20 projects across 12 countries supported by WLT’s Action Fund in 2024

WLT’s Action Fund supported 20 urgent conservation projects across 12 countries, providing relief for imminently threatened habitats from the cloud forests of Ecuador to the plains of Uganda. The Action Fund supported our partners to make emergency land purchases, respond to management needs as they arose, and redirect resources in response to rapidly changing conditions. In one such instance in June of 2024, much of Ecuador suffered its most severe

rainstorm in several decades which resulted in flash flooding and landslides. Among the areas affected were reserves managed by our partner Fundación EcoMinga, where landslides caused significant damage to forest habitats and threats to the safety of local communities and wildlife. The Action Fund was able to provide emergency support to aid recovery efforts, stabilise the areas, and restore infrastructure within the reserves.

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Ecuador Armenia
• Fundación EcoMinga, • Foundation for the Preservation
Cerro Candelaria of Wildlife and Cultural Assets,
Reserve land purchase Caucasus Wildlife Refuge leases
• Fundación EcoMinga, and management
Emergency landslide
response
Pakistan
Honduras • Snow Leopard
Foundation (SLF),
• Asociación Ecológica Bashqar Gol Protected
de San Marcos Angola Area creation of
de Ocotepeque protected area
(AESMO), Organisation • Fundação
management Kissama,
Mount Moco Uganda
9: establishment of conservation area DG • Kara-Tunga Foundation,
Karamoja Conservation
Bolivia Zone management
• Asociación Armonía, Laney Colombia
Tanzania
Rickman Reserve
• Fundación Natura Bolivia • Fundación ProAves, 9 9 • Southern Tanzania
(FNB), Bolivian Chaco Arrierito Antioqueño
Elephant Project (STEP),
Reserves creation of new Reserve land purchase
protected areas and 9 • Fundación Biodiversa -_ Emergency legal support
management Colombia, El Silencio
• Fundación Natura Bolivia Reserve management Madagascar
(FNB), Red-fronted Macaw • Fundación Proyecto
• Planet Madagascar
project new protected areas Tití, Los Titíes de San Association (PMA),
Juan Forest Reserve
Ankarafantsika National
land purchase and Park restoration and fire
Argentina reserve management management
• Fundación ProAves,
• Natura Argentina, Sierra de Ambato Ranita Terribilis Reserve
creation of national protected area management South Africa
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• Fundación Patagonia Natural (FPN) , La Esperanza Wildlife Refuge, Esperanza sustainability

• Wild Tomorrow, MunYaWana-iSimangaliso Corridor Badenhorst land purchase

• Fundación Patagonia Natural (FPN) , La Esperanza Wildlife Refuge, Reserve management

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Core Programmes
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Keepers of the Wild

Rangers are the lifeblood of all WLT-backed reserves and are indispensable to the longevity of the projects, the continued safety of the wildlife within them, and the link between the conservation work of our partners and the communities that live in and around the protected areas. Through funding streams including our Keepers of the Wild programme, WLT directly supports the salaries of 64 rangers through 20 partners.

In addition, a further 374 community rangers were supported, not directly through their salaries but as part of wider projects, with a further nine partners.

Countries where WLT supported rangers in 2024

Pakistan

Argentina

Colombia

Kenya Nature Kenya, Leleshwa Reserve Nature Kenya, Msidunyi Forest reserve

Fundación Hábitat y Desarrollo (FHD), Somuncurá Plateau Reserve Fundación Patagonia Natural (FPN), La Esperanza Wildlife Refuge

Snow Leopard Foundation (SLF), Bashqar Gol Protected Area

Fundación Guanacas Bosques de Niebla, Guanacas Reserve Fundación Proyecto Tití, Titíes de San Juan Reserve Fundación ProAves, Ranita Terribilis Reserve Fundación ProAves, Arrierito Antioqueño Reserve

Paraguay Gurya Paraguay, Chaco Pantanal Reserve

Mexico

Armenia

Conservación de Anfibios A.C., Cuetzalan Cloud Forest Amphibian Sanctuary Venezuela Grupo Ecológico Sierra Gorda (GESG), Sierra Gorda Ld Asociación Civil Provita, Biosphere Reserve Chacaracual Community Conservation Area Nepal Vietnam

Ecuador Ss Fundación Jocotoco, Buenaventura Reserve Fundación EcoMinga, EcoMinga Reserves Naturaleza y Cultura in Ecuador, Nangaritza Reserve

Foundation for the Preservation of Wildlife and Cultural Assets (FPWC), Caucasus Wildlife Refuge

Bolivia

Asociación Armonía, Barba Azul Reserve

Koshi Tappu Kanchenjunga Biodiversity Education Viet Nature Conservation Livelihood Terra-Studio Centre, Khe Nuoc Trong (KTK-BELT), Special Community-Based Pangolin Conservation Area

Honduras

Brazil

Asociación Ecológica de San Marcos Ocotepeque (AESMO), AESMO Reserves

Reserva Ecológica de Guapiaçu (REGUA), Guapiaçu Reserve

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14 World Land Trust Year ended 31 December 2024

Image credit: Andrea Ferreira

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

People of WLT

Core Programmes

Carbon Balanced

2024 was the hottest year in Earth’s recorded history and with the rising global temperature reflected in each worsening extreme weather event, the climate crisis becomes more urgent with each passing day. While both national and international climate plans continue to fall short, our Carbon Balanced community is driving meaningful change. Aligned with the Intergovernmental Panel on Climate Change’s (IPCC) recommendations, WLT’s Carbon Balanced programme supports the protection and restoration of one of nature’s most effective carbon capture systems: highly biodiverse tropical forests. Protecting and restoring these standing forests not only supports the goal of halting climate change but also brings wide-reaching benefits for people and wildlife.

While the Carbon Balanced projects in Vietnam’s Khe Nuoc Trong Forest with Viet Nature and Ecuador’s Nangaritza Valley with Nature and Culture in Ecuador (NCE) were completed in 2024, existing WLT partner Environmental Conservation Trust of Uganda (ECOTRUST) joined the Carbon Balanced programme with a forest restoration project in the iconic Albertine Rift region of Uganda. By working with local farmers to implement sustainable land use and agroforestry practices, ECOTRUST will store carbon and reduce deforestation in one of Africa’s most richly biodiverse landscapes while enhancing the livelihoods of the people of the region.

In 2024, WLT’s Carbon Balanced community supported 6 projects in 5 countries through our partners:

Fundación para el Ecodesarrollo y la conservación

Naturaleza y Cultura Ecuador

Promoting ecosystem connectivity in the south of Ecuadorian Amazon

Conservation Coast in Carribean Guatemala

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e
35,000 tCO2
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e 7,581 tCO2

Viet Nature

Environmental Conservation Trust of Uganda Trees for Global Benefits e 75,000 tCO2

Protection of biodiversity and enhancement of ecosystem services of the Dong Chau – Khe Nuoc Trong Forest

e 42,659 tCO2

Grupo Ecológico Sierra Gorda Biodiverse Carbon in Xilitla

e 28,782 tCO2

Ensuring connectivity in a network of private reserves of Sierra Gorda e 24,134 tCO2

Conservation partners

Africa

Central America

• Asociación Ecológica de San Marcos de Ocotepeque

• • Belize Maya Forest Trust • Conservación de Anfibios A.C

• A Rocha Kenya

• Big Life Limited

• • Environment and Rural Development Foundation

• • Environmental Defenders • Fundação Kissama • Kara-Tunga Foundation • Kasanka Trust Ltd • Missouri Botanical Garden’s Madagascar Program

• Corozal Sustainable Future Initiative

• Fundación para el Ecodesarollo y la Conservación

• Grupo Ecológico Sierra Gorda

• • Nature Kenya

• Overberg Renosterveld Trust •

• • Planet Madagascar Association

• Naturaleza y Cultura Sierra Madre • Programme for Belize

• Reforest Africa

• Southern Tanzania Elephant Program

South America

• Tanzania Forest Conservation Group • la Amazonia

• • Gorongosa Restoration • Asociación Armonía

• Project • Asociación Civil Provita

• • The Environmental • Fundación Biodiversidad

• Conservation Trust of Argentina

• Uganda • Fundación Biodiversa

• • Wild Tomorrow

• Asociación Amazónicos por la Amazonia

• Asociación Civil Provita

• Fundación Biodiversidad Argentina

• Fundación Biodiversa Colombia

Fundación EcoMinga Fundación Guanacas bosques de niebla Fundación Hábitat & Desarrollo

Asia

• Applied Environmental Research Foundation •

• • Foundation for the Preservation of Wildlife and • Cultural Assets •

Fundación Jocotoco

Fundación Natura Bolivia Fundación Patagonia Natural Fundación ProAves Colombia

• HUTAN

• Koshi Tappu Kangchenjunga Biodiversity Education Livelihood Terra-Studio

• Fundación Proyecto Tití • Guyra Paraguay • Instituto Marcos Daniel

• Philippine Reef and Rainforest Conservation Foundation

Natura Argentina

• Snow Leopard Trust

• • Viet Nature Conservation Centre

• Naturaleza, Tierra y Vida • Naturaleza y Cultura in Ecuador

• Wildlife Trust of India

• Naturaleza y Cultura in Peru • Reserva Ecológica de Guapiaçu

• Fundación Rewilding Argentina

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Image credit: top to bottom - Gorongosa National Park, FPWC, WLT/Dan Bradbury, Martin Pelanek

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Individual Giving and Fundraising
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Individual Giving

Despite the challenging economic landscape in 2024, we were A = ; heartened by the unwavering dedication of our individual , 9. -ee, ; ‘ \ . vas “ - ~ . donors, who contributed £3.1 million to WLT’s work—including at > vital boosts through Gift Aid.

Charitable Trusts and Foundations

Brazil and at Cerro San Gil in Guatemala, where our partner is consolidating habitat corridors between the forested coast and mountains.

In 2024 we were delighted to receive continued support from Charitable Trusts which have supported WLT for many years, alongside new enquiries from Trusts recognising the urgency of protecting the natural world around us. While income dropped back compared with 2023, we regard this as natural fluctuation in an income stream made up of relatively few high value gifts.

commitments and in unrestricted giving from Trusts and Foundations. These demonstrations of confidence in WLT’s work give us a greater degree of certainty in future planning and increase the flexibility of the support we can offer our partners.

At Canandé in Ecuador, Trust funding has secured three further areas of forest. WLT first supported Fundación Jocotoco’s work at Canandé in 2020’s Autumn Appeal, and we remain committed to support their wider targets to protect the Chocó rainforest.

As ever, giving from Charitable Trusts and Foundations was key to bringing together the Matchpot for our Autumn Appeal. Their support has also been essential to major land purchases at REGUA in

It was particularly heartening to see an increase both in the number of multi- year

Legacy Giving

gifts supported the work of our partners in Armenia, Colombia, Ecuador and South Africa and around the world, including funding £1.17M for a land purchase in Belize’s Rio Bravo reserve in December.

We remain enormously grateful for those who have remembered WLT in their will. Their gifts support the urgent conservation of amazing and irreplaceable species, through the purchase and protection of rich and diverse habitats. In 2024 legacy

Legacy and in Memory

We are profoundly grateful to our supporters who made wildlife conservation a part of their legacy by including WLT in their wills, and those who made donations in memory of their loved ones.

• Ivor Ffoulkes •

• Miriam Nellie Bennett •

  • Jess Sherlock

• Susan M Brown • Geoffrey Stephen Hill •

• • Jacob Robert Burbea • Jacqueline Jomain • • Judith Kristina Cox • Tom Kippenberger • • Michael Fearon • Roger Mitchell MBE •

• Howard Malcolm Smith

• • Bethany Staples • Oliver Strong • Derek Yeomans

This remarkable support came through regular donations to the Action Fund from WLT Friends, whose steadfast commitment is incredibly important to the work of our conservation partners, responses to our Spring and Autumn Appeals, Connecting Ukuwela and Protecting the Ecuadorian Amazon, and contributions to a multitude of conservation projects worldwide.

We extend special thanks to major donors whose generosity underpinned our seasonal appeals, saw projects completed in Guatemala and Ecuador and enabled our partner Missouri Botanical Garden’s Madagascar Programme (MBG - Madagascar) to launch a new initiative in the Analalava Forest, as well as supporting multiple additional areas including Carbon Balanced. As in previous years, these contributions played a vital role in protecting highly biodiverse, carbon-rich forests, helping to address the twin crises of biodiversity loss and climate change.

The dedication of our supporters continues to be a powerful force driving conservation outcomes across the globe.

Fundraising

In 2024, individuals, teams, schools, corporate groups, and clubs— including Beavers and Brownies—joined forces to raise vital funds for WLT. From nurseries to zoos, supporters of all ages took on challenges and organised events in aid of our mission. Fundraisers participated in everything from marathons and physical feats like swimming and cycling, to birdwatching, litter picks, and creative efforts such as music festivals, art exhibitions, and craft markets. Many also fundraised in celebration of personal milestones like birthdays, weddings, and anniversaries.

Operation Ocelot, WLT’s education-led fundraising and awareness-raising initiative championed by WLT Patron Steve Backshall, Mission Two reached its target in 2024, expanding protected areas in Brazil’s Atlantic Forest. Following this, in July, Operation Ocelot went on tour with the launch of Mission Three to support the A Rocha Dakatcha Nature Reserve in coastal east Africa. We have been inspired by the variety of ways that our fundraisers have gotten involved with Operation Ocelot Mission Three, from participating in physical challenges like climbing, running, walking, and a relay race to organising toy sales and bake sales.

We are continually uplifted by the creativity, passion, and dedication of our fundraisers, who turn their energy into real-world conservation outcomes—showing that anyone, anywhere, can make a difference.

Image credit: Chantelle Melzer

Image credit: EcoTrust, FPWC

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Creating Space for Nature in KwaZulu-Natal

The Impact of Our Corporate Community in 2024

businesses choosing to fund conservation work in regions that align with their operations— an encouraging sign of deeper resonating relationships.

companies are conducting biodiversity assessments and simultaneously funding the protection of tropical habitats rich in endangered species.

In 2024, corporate support accounted for more than one third of WLT’s total income — an essential contribution that helps underpin our mission. This funding stream continues to grow, helping us deliver our increasingly ambitious conservation goals in some of the planet’s most threatened landscapes.

We are proud to work alongside long-standing corporate partners whose commitment has formed the bedrock of our conservation funding, and we welcomed many new corporate partners in 2024 who are equally determined to drive positive environmental change.

In 2024, corporate partners contributed an impressive £1.9 million in philanthropic funding. A further £1.3 million was generated through our Carbon Balanced programme, with substantial support from initiatives such as Carbon Balanced Paper and Print.

Corporate Partnerships once again played a major role in our two flagship programmes: Buy an Acre and Plant a Tree. Through these initiatives, businesses helped us safeguard critical habitats and restore degraded forest, contributing to the protection of biodiversity and longterm ecosystem resilience. Beyond these, we also saw increased support for bespoke projects around the globe, with

As the call for urgent climate These partnerships reflect a and biodiversity action strong alignment with the UN grows louder, businesses are Sustainable Development Goals, stepping up. Our philanthropic and many of our partners are and Carbon Balanced also active through B Corp programmes offer trusted, certification, 1% for the Planet, nature-based solutions and similar initiatives. Together, that align with corporate we are building a movement sustainability strategies for founded on shared values and biodiversity and climate. More collective action.

The Connecting Ukuwela spring appeal supported WLT’s partner Wild Tomorrow in acquiring Sisonke Farm—the missing piece of a wildlife corridor in South Africa’s KwaZulu-Natal province. The £621,000 raised by the appeal enabled Wild Tomorrow to fund a 148.5-hectare (367acre) expansion of the existing Greater Ukuwela Nature Reserve (GUNR). By integrating Sisonke Farm into the GUNR, the larger reserve, which sits between the MunYaWana Conservancy and iSimangaliso Wetland Park, is now connected, creating an unbroken thread of protected habitat from the Lebombo Mountains to the Indian Ocean.

With this purchase, the corridor will support the movement of South Africa’s most iconic species such as Black Rhino ( Diceros bicornis ), Zebra ( Equus quagga ), and Giraffe ( Giraffa camelopardalis ). As part of the GUNR, Sisonke itself and its mosaic of rare habitats is now also granted permanent protection under South Africa’s Protected Areas Act. With the success of the appeal, Wild Tomorrow continues vital conservation management; restoring the critically endangered Dry Sand Forest, removing snares and invasive plants, and reintroducing species while supporting local communities and employing rangers and staff.

Helping Communities to safeguard their land in Northeast Ecuador

2024’s autumn Protecting the Ecuadorian Amazon appeal, which included WLT’s twelfth Big Match Fortnight, supported our partner NCE to bring local governments and Indigenous communities together over the next four years to protect an estimated 747,000 ha (1.5 million acres) of Amazon rainforest in Orellana province. The £1.3 million raised by the appeal will support NCE with the logistical work required to create a Provincial Protected Area, including planning and land designation.

as organise community workshops, host provincial meetings, provide training, and conduct biodiversity surveys. The Amazon Rainforest has an incomparable abundance of biodiversity, with the thousands of species known to science so far only representing a small portion of the richness within the forest. From Amazon River Dolphin ( Inia geoffrensis ) to Giant Otter ( Pteronura brasiliensis ) to White-bellied Spider Monkey ( Ateles belzebuth ) and countless more, supporters of the autumn appeal have helped to safeguard the wildlife of the rainforest and support the rights of the indigenous communities who live there.

Funds will support NCE in organising the consultation process between Orellana’s Indigenous Nationalities and representatives from Orellana’s provincial government, as well

Image credit: Sebastián Benalcazar/Nature and Culture International

Image credit: Chantelle Melzer, Sebastián Benalcazar/Nature and Culture International

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People of WLT

WLT Income and Expenditure

Past, present and projected WLT income

People of WLT

Continuing growth in 2024

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15.02%
2021 £8.2 million
year-on-year growth
7.3%
2022 £8.8 million
year-on-year growth
16.4%
2023 £10.2 million
year-on-year growth
-15%
2024 £8.7 million
year-on-year growth
2025 plan for 16% growth
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Income of £0.2 million
£3.1 million from other sources
from individuals £2.0 million
from Trusts
£8.7
£0.2 million
from legacies
£3.2 million
million from Corporates
£1.9 million
philanthropic donations
£1.3 million
raised in 2024
Carbon Balanced
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£10.7 million spent by WLT in 2024

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Partnerships and
communications
4%
10% Reforestation
93%
Reserve
Charitable activities Land acquisition management
bd bd
63% 23%
7%
Fundraising
activities
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£9.9 million spent on
charitable activities
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We have high aspirations and recognise the passion and commitment of our staff to help deliver our strategy. Employee voice, giving opportunity for staff feedback to guide our actions, is important to us. In our fifth year of running our annual Employee Engagement Survey, we are proud to have consistently high response levels to this survey, and an overall engagement

Team Structure and Support

Last year, WLT continued to see overall growth in staff numbers, albeit significantly lower than 2023 at 5%, but with a lower turnover of staff.

The People focus was on making improvements in 2024 and a major piece of work was recognising the importance of up-to-date and transparent terms and conditions for staff, consulting on and issuing a revised contract and Employee Handbook.

During 2024, we undertook visits to our Conservation Partners across the globe to monitor and support delivery of our impact. We attended COP16 (UN Convention on Biological Diversity) in October 2024 represented by Richard Cuthbert,

Gender Pay Gap

Despite a slight increase in the number of male postholders at year end, around 80% of our staff are female with a distribution of male staff across the different pay quartiles. Whilst we are not required to publish our Gender Pay Gap data,

score of 8.6/10 demonstrating that our staff remain engaged and motivated by our mission and Values.

Having a motivated and engaged team enables us to deliver the protection of more land and species by expanding our reach and continuing to strengthen our relationships with our supporters and Conservation Partners.

Director of Conservation and Charlotte Beckham, Senior Programmes Manager to meet, listen and discuss ideas with our peers and our Conservation Partners. The opportunity to engage with our Conservation Partners and peers strengthens our relationships across the world.

our median gender pay gap continues to be in favour of female staff. This year we are reflecting salary exchange schemes in our pay data, with a median gender pay gap of 17% in favour of female staff, against the 20% before salary exchange.

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17%
Women Men
2024
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Sustainability

Sustainability

WLT’s Energy and Carbon Report for 2024

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||| |---|---| |2024|2023| |Sy|

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WLT Emissions Summary[1 ]

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||||| |---|---|---|---| |Emissions|Emissions| |Source| |(tCO2e)|(tCO2e)| |Scope 1|- none|0.000|0.000| |Scope 2|- purchased electricity|9.132|9.507| |Scope 3|- business road travel (UK only)|0.987|1.072| |- business rail travel|1.143|0.973| |- business air travel|35.564|49.102| |- employee commute| |21.922|15.688| |(road & rail)| |- event food & drink|0.324|0.321| |- home-working electricity| |10.991|9.096| |and fuel| |- hotel stays|3.261|3.158| |- transmission & distribution| |3.006|3.112| |(T&D)| |- water supply & treatment|0.140|0.129| |- partner symposium event|n/a|161.677| |Total Carbon Emissions|86.470|253.836| |kWh|kWh| |Office energy| |Electricity -consumption|[2 ]|44,104|45,912| |Intensity Ratio|[3]|Total|Total| |Number of full-time equivalents (FTEs)|45.5|37.56| |tCO2e per FTE employee|1.902|6.758| |WLT revenue (£ million)|8.652|10.231| |tCO2e per £ million revenue|9.994|24.810| |VCU|VCU| |Carbon Credits Purchased| |(tCO2e)|(tCO2e)| |Total VCUs|[4 ]|87|254|

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1 It should be noted that the figures provided for these reporting years are not directly comparable, as the calculation methodology has been updated for employee homeworking and also for office commute for 2024 and additional Scope 3 emissions are included for the 2023 partner symposium event.

2 UK electricity emissions reported using a location-based grid average conversion factor of 0.20705 kgCO2e per unit kWh, based on the UK Government Greenhouse Gas Conversion Factors for Company Reporting published by the Department for Business, Energy & Industrial Strategy (BEIS) for 2024.

3 The intensity ratio figures for 2023 include the partner symposium event as well as WLT’s normal operations, when the symposium is excluded from these figures then the 2023 figure for tCO2e per FTE is 2.454 in comparison to 1.902 in 2024 , and tCO2e per £ million revenue is 9.008 for 2023 in comparison to 9.994 in 2024.

Our Approach

WLT has a renewable energy supplier but chooses to report on its location-based emissions and purchase carbon credits as a contribution towards mitigating greenhouse gas emissions associated with its general business operations. Business air travel for necessary site visits made to WLT projects contributes significantly to carbon emissions reported along with employees’ commuting to the Halesworth office. For 2024, commuting figures were expanded to include other meeting venues in the UK to reflect the change to more flexible working.

Methodologies used in

calculation of emissions: This carbon footprint relating to Scope 1, 2 and selected Scope 3 has been completed using WLT’s carbon calculator (hosted by a third-party provider Compare Your Footprint) which is fully compliant with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard and applies 2024 emission conversion factors published by the Department for Business, Energy & Industrial Strategy (BEIS). The methodology for employee homeworking has been updated to the new standard methodology from the Homeworking emission Whitepaper (EcoAct, 2020) which assesses workstation energy and heating based on full time equivalent employees and their work hours.

UN Sustainable Development Goals

The projects supporting fewer SDGs were straightforward land acquisitions in remote areas where the benefits primarily focused on biodiversity, climate change, and water. Projects supporting more SDGs were more complex where communities were heavily involved in project activities and land acquisitions. These projects not only benefited biodiversity, climate change, and water, but also actively improved a wider range of community and social justice issues.

The Sustainable Development Goals (SDGs), a set of 17 global goals established by the UN in 2015, were established to “a shared blueprint for peace and prosperity for people and the planet, now and into the future”.

Over the course of 2024, 32 projects supported by WLT were assessed to determine which SDGs were being directly advanced by our partners’ community and conservation work. Across these 32 projects, an average of 6 SDGs were directly supported, with the number of SDGs for each project ranging from 3 to 12.

4 Verified Carbon Units (VCU) purchased from FUNDAECO’s REDD+ project in Guatemala and retired within WLT’s Verra Registry

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Governance
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Honorary
President WLT Patrons
Dr Gerard A Bertrand Sir David Attenborough
(retired July 2024) OM, CH, FR
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Steve Backshall MBE

David Gower OBE

Chris Packham CBE

Senior Leadership Team

As we move to the penultimate year of WLT’s Strategic Plan, we said goodbye to Honorary President Gerard Bertrand, and Trustee and Finance, Audit, and Risk (FAR) member Ken Burnett and wished them luck in their retirement. We have recently appointed two new Trustees, Lucila Castro and Michael Krause, who joined us in February 2025. We also welcomed three new members to our Conservation Advisory Panel in 2024; Dr Alexandre Antonelli, Dr Madhu Rao, and Dr Dominick Spracklen.

An Update on WLT Governance

Trustees

Dr Julius Arinaitwe

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Myles Archibald
(Chair)
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Claire Ashby (Chair of FAR Committee)

Andrew Balmford

Ken Burnett (retired December 2024)

Dr Catherine Barnard Chief Executive

Elizabeth Stone Chief Operating Officer

Daniel Bradbury Director of Brand and Communications

Dr Richard Cuthbert Emma Douglas Director of Conservation Director of Development

Officers

People Committee

Finance, Audit and Risk Committee (FAR)

• Emma Tozer (Chair)

• Elizabeth Stone (Company Secretary)

• Myles Archibald

• Claire Ashby (Chair)

• Laurence Simanowitz

• Myles Archibald

• Ken Burnett (retired December 2024)

• • Philip Shapiro

Auditor

Bankers

Investment managers

• Brewin Dolphin, 12 Smithfield Street, London, EC1A 9LA

• Barclays Bank Plc, 67 High Street, Southwold, Suffolk, IP18 6DT • Triodos Bank, Deanery Road, Bristol, BS1 5AS

• HaysMac LLP. 10 Queen Street Place, London, EC4R 1AG

Solicitors

Conservation Advisory

Panel

• Mills & Reeve LLP. 1 St James Court, Whitefriars, Norwich, NR3 1RU

• Dr Alexandre Antonelli (appointed August 2024)

• Dr Julius Arinaitwe

• Prof. Andrew Balmford (Chair)

• Alistair Gammell

• Dr Nisha Owen

• Dr Madhu Rao (appointed July 2024)

• Dr Jon Paul Rodriguez

• Dr Dominick Spracklen (appointed July 2024)

Lucila Castro Michael Krause (appointed February (appointed February 2025) 2025)

Philip Shapiro

Lawrence Simanowitz

Emma Tozer (Chair of People Committee)

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Image credits: WLT/Dan Bradbury

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Report of the Trustees Fid ,
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Within this report, the Trustees present their annual Trustees’ Report of the charity and its subsidiaries for the year ended 31 December 2024, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (second edition, effective 1 January 2019).

Report of the Trustees

Plans for future periods

• Development of new partnerships with Conservation Partners in under-represented areas where threat is high and proactively look to increase partnerships in West Africa and Asia.

We continue to seek to achieve our strategic objectives, securing and bringing threatened habitats under conservation management.

We continue to measure ourselves against our nine key performance indicators and remain Positive, Honest, Focused and Supportive to ensure that our aims are achieved.

• In 2024 we reviewed our stewardship of supporters and reviewed how we could strengthen and engage. In 2025 we will continue to roll out our stewardship programme to ensure that supporters feel engaged and know the impact of their support.

As we end the fourth year of our current strategy we remain firmly focused on delivery of more priority land being secured, providing support to connect priority habitats and forest protection within reserves we have funded.

• In 2024 we refreshed our brand and tried new methods of raising awareness to reach more people. This vital work will continue in 2025 alongside the redevelopment of our website to support the experience supporters have when interacting with us.

To support our strategic aims and objectives, we will drive key areas and principles for forward planning which include:

• Monitoring and reporting against our key performance indicators and range of benchmarks which support our key strategic objectives through improved spatial and statistical approaches for appraising and monitoring projects, implementation of improved community monitoring and reporting, provision of guidance to support our partners to deliver improved biodiversity monitoring, ensuring consistent and transparent reporting on our partner reserves.

• We continue our investment in reviewing and implementing systems and processes to enable us to maximise our conservation impact over this strategy period. In 2024 we started working towards Cyber Essentials and are looking to achieve Cyber Essentials + accreditation in 2025. We have engaged with a new Managed Service Provider to support technology and commenced project work in line with technology roadmap.

Our purposes and activities

Our principal purposes, as set out in our Articles of Association, are:

To promote the conservation, protection and improvement of the natural environment through:

• a. the conservation and re-establishment of threatened natural habitats anywhere in the world;

• b. conservation of endangered wildlife and rare species of fauna and flora anywhere in the world; and

• c. by advancing the education of

• conservation professionals, and members of the public, in matters relating to conservation of wildlife and natural resources.

WLT was established with a simple vision: saving land to save species. This vision remains true and by adopting an approach that takes in an entire landscape, rather than an individual species, whole ecosystems have been preserved and protected through the generous support of WLT’s many donors.

WLT’s charitable purposes fall within the charitable description of the advancement of environment or improvement. The benefits of WLT’s work in the following areas, which are consistent with WLT’s purposes, aims and strategies, are:

• conserving the environment;

• preserving endangered species;

• preserving landscape; and

• providing environmental education and awareness.

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Report of the Trustees A ‘
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WLT deploys a range of strategies to fulfil its work by:

• consolidating and developing WLT’s approaches to land acquisition;

• • always working through local nongovernmental organisations (NGOs) as our conservation partners, with the provision of grants to purchase land and facilitate our conservation work, supporting them in the ultimate ownership and management of the land that has been purchased and the reserves that have been created;

• deploying a diversified approach to long-term habitat conservation through conservation methods such as carbon finance, watershed services and payment for environmental services;

• provision of technical expertise to support and enhance our partners as requested; and

• • monitoring and evaluating the conservation impact of our work with our Conservation Partners.

In reviewing the charity’s aims, and putting them into action, the Trustees have taken account of the Charity Commission’s guidance on public benefit.

Putting these strategies into action we have four major areas of activity, as set out and described within this report, which enable WLT to look to achieve maximum conservation benefits where it undertakes its work.

Image credits: Andrea Ferreira

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Report of the Trustees

Financial review

Through continued generous support for our mission and objectives we generated a consolidated income of £8.699M (2023: £10.232M) from our supporters and expenditure was £10.713M (2023: £7.997M), of which £9.951M (2023: £7.399M) was spent on delivering our charitable activities.

At the end of 2024 we are reporting total funds of £6.868M (2023: £8.775M), of which £2.624M is restricted to specific programmes or projects, £1.018M relates to endowment funds and the remaining £3.226M being held as unrestricted or designated funds.

Income

In 2024 our total consolidated income was £8.699M, a reduction against prior year of 15%. This was mainly attributable to a fall in legacy income and a reduction in trusts and foundations donations which, depending on the projects we are seeking funding for, fluctuates year-on-year. We recognise that the continuing cost of living has impacted the ability for some of our individual donors to be able to give as generously as they have previously and the competing demands on individuals’ disposable incomes. We also note surveys on UK charitable giving that record an 11% decline in environmental giving in 2024. No matter the size of the gift we are thankful for all our supporters’ generosity.

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|||||| |---|---|---|---|---| |2024 % of|2023 % of| |Income|2024 £M|Income|2023 £M|Income| |Donations|7.062|81%|8.187|80%| |Legacies|0.169|2%|0.804|8%| |Charitable activities|1.301|15%|1.122|11%| |Trading|0.007|0%|0.001|0%| |Income from|0.160|2%|0.118|1%| |investments and| |other income| |Total Income|8.699|100%|10.232|100%|

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We recognise how important it is to maintain a diverse income base and we are fortunate to be able to generate income from a range of sources. In 2024, we received £1.878M (2023: £1.849M) in philanthropic support from our corporate supporters. Trusts and Foundations contributed £2.041M to total funds raised (2023: £2.603M). We continue to receive hugely valuable support from our regular giving by individuals which allows us to be able to plan with more certainty in the future.

2024 reports a reduced level of legacy income representing a reduction of 79% against the previous year. Legacies remain unpredictable for us and can significantly fluctuate year-on-year. We are incredibly grateful to all funding coming from gifts left in Wills but do not place reliance on them for a stable income source.

Income from charitable activities was £1.301M (2023: £1.122M). This income is mainly generated by the sale of carbon credits to corporate supporters through our Carbon Balanced programme as an additional mechanism to raise funds for our Conservation Partners. We will continue to advise these supporters on how they can further measure and reduce their carbon footprints and balance the unavoidable residual emissions.

Expenditure

For every generous donation we received in 2024, 93p in every £1 went towards charitable activities (2023: 93p). This amount fluctuates but we aim to maximise the impact of our charitable activities by ensuring the work we undertake with our Conservation Partners delivers a real future for our planet.

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|||||| |---|---|---|---|---| |2023 -| |2024 % of|restated|2023 % of| |Expenditure 2024 £M|Expenditure|£M|Expenditure| |Land acquisition|6.239|58%|4.359|55%| |Reserve management|2.252|21%|1.295|16%| |Reforestation|0.362|4%|0.724|9%| |Partnerships and|1.098|10%|1.021|13%| |communications| |Raising funds|0.762|7%|0.598|7%| |Total Expenditure|10.713|100%|7.997|100%|

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Charitable expenditure across our programmes as a proportion of total expenditure was 93% in 2024 (2023: 93%).

A total of £762K (2023: £598K) was spent during 2024 to enable us to raise our fundraising income. Included within fundraising costs are the costs of stewardship and administration costs directly associated with managing our supporters. Additionally, a proportion of the costs incurred were within the technology, people and finance teams that provide the operational and governance support required to ensure that we are effectively run.

We continue to invest in our systems to drive efficiencies which is being funded through a combination of earmarked designated strategic funds and external grant funding. During 2024 we spent £448K on investing for future growth.

This report and the consolidated financial statements incorporate the results of WLT, World Land Trust Trading Limited, wholly owned trading company and its overseas wholly owned charity, WLT Australia which was voluntarily de-registered in 2024.

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Report of the Trustees

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Report of the Trustees
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Reserves policy

WLT applies a risk-based approach to its general reserves. This takes account of a weighted risk approach on working capital, operating requirements, future income and foreign exchange exposure. This is reviewed at least annually and is monitored on an ongoing basis by the Senior Leadership Team, and quarterly by the Finance, Audit and Risk Committee and Board of Trustees. During 2024 the Trustees have set a target range for free reserves of £312K to £520K which equates to 6 to 10 weeks operating expenditure for 2024.

The total charity reserves at the end of 2024 are £6.439M (2023: 8.099M).

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|||| |---|---|---| |As at|As at| |Funds|31 December 2024|31 December 2023| |£M|£M| |Unrestricted| |Free reserves|0.519|1.099| |Designated funds|2.156|3.401| |Fixed assets|0.122|0.115| |Total unrestricted|2.797|4.615| |Restricted funds|2.624|2.484| |Endowment funds|1.018|1.000| |Total funds|6.439|8.099|

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The Trustees are satisfied that the level of reserves are within the target range.

WLT’s reserves fall into four types.

Unrestricted funds are net assets around which no donor conditionality exists, which may be spent to further WLT’s charitable objectives in accordance with internal decisions made by the Board of Trustees and management. Further details on WLT’s unrestricted reserves are given in note 23 of the financial statements.

Designated funds are funds earmarked for future programmes and activities. These reserves form part of the total unrestricted reserves as they represent internally earmarked funds. Further details on WLT’s designated reserves are given in note 23 of the financial statements.

Restricted funds reflect the balance of restricted funding (e.g. donations) that have been received by WLT for a specific charitable purpose or project. Where they are in deficit this reflects future commitments made to our conservation partners where we reasonably anticipate future donations to be received to cover the project. They are not available for general purposes and can only be spent according to funder terms and conditions. At the end of 2024 there was one fund in deficit. These related specifically to programmes of work or projects where we have recognised a future commitment to our partners. All these programmes or projects have sources of funding identified, which will be raised during 2025 to reverse the deficits. Further details on WLT’s restricted reserves are given in note 24 of the financial statements.

Endowment funds must be used in accordance with funder requirements and are held separately within WLT’s reserves because the capital amounts must be maintained. Further details on WLT’s endowments are given in note 25 of the financial statements.

Image credits: Chantelle Melzer

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Report of the Trustees

Risk

Cyber security and IT resilience

• We cannot eliminate the risk but seek to mitigate by maintaining robust and secure infrastructure across technology platforms

Mitigations in place

• Working towards Cyber Essentials accreditation

• • Appropriate systems and monitoring processes in place to provide a secure and robust operating framework

• Continuous monitoring and scanning via external technology to assess current threats and vulnerabilities

• Organisational staff training and support

Conservation partnerships

• Failure of/or significant issue associated with a Conservation Partner or programme leading to financial and potential reputational risk

• Robust due diligence undertaken for evaluation of new Conservation Partners led by the Director of Conservation and risk based evaluation for existing Conservation Partners

• All new or large-scale projects are evaluated by the Conservation Advisory Panel with recommendations presented to Senior Leadership Team before approval

• Ongoing monitoring and reporting from Conservation Partners in addition to remote sensing technology to monitor programme areas

• • Risk based monitoring visits undertaken by Programme Manager

Risk management

Risk management is an integral part of our processes, against which the Trustees review at their quarterly meetings. This helps us to make informed decisions and calculated risk for the benefit of our conservation work. Risks are linked to our strategic objectives and these are actively reviewed and updated.

WLT updates its risks through monthly discussion and review by the Senior Leadership Team and which is presented to the Finance, Audit and Risk Committee and Trustees on a quarterly basis at their meetings.

Risks are assigned to individuals to monitor and seek actions to mitigate or reduce the likelihood and/or impact of any events. The Trustees consider the impacts of risk and are satisfied that the major risks have been identified, and processes, where possible, for addressing them have been implemented.

During 2024 some of the principal risks identified and their mitigations are summarised below:

Financial sustainability

• Ensuring our long-term financial stability is critical if we are to deliver our strategic objectives. WLT is wholly funded through public, corporate, and trust and foundation support. We aim to maximise the disbursement of funds to our local NGO partners on the ground and operate on a cost-efficient overhead base. Our main internal cost is a committed and highly skilled staff team. If our income were to reduce significantly, we would not be able to fulfil our operating plans, which would reduce the scale of our impact.

Failure to grow and digitally transform

the organisation

• The digital environment is fast-paced and this impacts how we communicate and interact with our stakeholders. The management and performance of technology across the organisation is not able to support delivery of our strategic objectives and operations

• Ongoing scrutiny by the Finance, Audit and Risk Committee of our reserves, performance, overall financial position and outlook presented to the Board of Trustees

• Operating a risk-based reserves policy which is monitored monthly by the Senior Leadership Team and quarterly by Finance, Audit and Risk Committee.

• Operational management of currency and inflation risk to minimise our exposure and maximise the funding available for our partners.

• Investment in new systems and increasing our ability to develop financial insight to improve our financial modelling and scenario planning

• Fundraising strategy to continue to develop and grow a diverse range of income to support our work

• Continued investment in business-critical systems to enable us to respond to the needs and give insight for our organisation

• Continued development of the benefits realisation of our Customer Relationship Management system

• Ongoing implementation of our technology roadmap to enhance internal and external technology systems

• Engagement of an Managed Service Provider to provide organisational timely support

Image credits: Sebastián Benalcazar/Nature and Culture International

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Report of the Trustees

Investment policy

WLT’s investment policy outlines how we will fund the reserves managed by WLT partners, with reference to the purposes for which the funds have been raised. We are responsible for the safekeeping of restricted reserves prior to them being required for project expenditure. As such, the main investment priority is ensuring capital preservation, with the funds held on deposit.

Unrestricted reserves are held for general expenditure and to meet unforeseen requirements. As these funds may need to be available at short notice, they are regarded as short-term funds for investment purposes, with capital preservation and liquidity as the focus. The endowment funds are long-term funds designed to produce an income in line with donor stipulations.

These funds are invested in a portfolio of equities, bonds and other securities with the aim of preserving the value of the funds’ capital in real terms and providing a growing income stream. The portfolio is invested over the long term with no more than 70% in equities and 30% in bonds and other securities. WLT will choose investment opportunities that align with WLT’s mission. WLT has appointed investment managers who manage the applicable funds, and performance is monitored.

2024 continued recovery from a turbulent 2023 year in both equity and bond markets, driven by fears around inflation, weak or negative global economic growth which will continue to be monitored into 2025. 2024 saw some recovery with net investment gains of £67K (2023: net gain £134K). The endowment fund, which is where the majority of our investments are, fluctuates year-on-year with an expectation of a long-term positive return.

Remuneration policy

WLT believes in rewarding staff fairly for the jobs they do and providing them with a positive working environment. We believe our salaries, benefits and terms and conditions reflect this within the area we are located and within the overall context of affordability and sustainability for the organisation.

WLT continued to operate a pay framework, externally benchmarking roles within the organisation against externally purchased market data and tailored to WLT’s type of organisation, size and location. The framework enables WLT to ensure it is transparent and fair as well as competitive within the sector it operates in the future. WLT is committed to paying the Living Wage, as set by the Living Wage Foundation, and during 2024 all staff continued to be paid in excess of the published recommended level.

Throughout 2024 WLT had on average 41 staff, including a number who work part-time. The pay of staff is delegated to the CEO and reviewed annually by the Finance, Audit and Risk Committee within the framework of the approved organisational staffing budget. The Trustees are responsible for setting and agreeing CEO remuneration. The pay of staff is considered in conjunction with the pay framework and pay positioning, movement in the Consumer Price Index and the ability for WLT to be able to continue to maintain and pay all salaries even if the organisation’s income is reduced.

Our approach to fundraising

WLT is a registered charity and works within the parameters set by the Code of Fundraising Practice and the Charity Commission. WLT is registered with the Fundraising Regulator. We are respectful of our donors’ and supporters’ wishes and all our fundraising activities adhere to our privacy policy which can be found on our website ( https://www.worldlandtrust.org/ privacy-policy-statement/ ). We ensure that our supporters have opportunity to update their preferences every time we communicate with them. We use a variety of methods to fundraise utilising both digital and print.

Your support is vital and we value and respect our relationships with all our supporters. We ensure that all complaints are dealt with by the appropriate person within the organisation and are escalated when appropriate. In 2024 no complaints were made to WLT. Our complaints procedure can be found here: https://www. worldlandtrust.org/what-we-do/how-we-work/ policies/ .

Our most consistent means of keeping our supporters updated with our work is via digital channels including website and social media, along with our digital ebulletin and newsletter. In 2024 we reviewed the content and format of our updates, and we now provide a biannual printed newsletter covering all areas of our work alongside regular updates on specific projects supporters have indicated an interest in, as well as our monthly ebulletin. Supporters have the option to unsubscribe or update their preferences at any point.

As a fundraising organisation we ensure that:

• We will only contact our supporters using the methods they have consented to, in accordance with our privacy policy, and, where appropriate, we will use legitimate interest as a lawful basis for communication.

• If a supporter requests to change their contact information, their wishes will be updated in a timely fashion without question.

• WLT does not fundraise through cold calling, door to door, or approaching people in the street to ask for subscriptions or donations.

• We will never buy or sell anyone’s contact information.

• We ensure that no-one ever feels pressured to support WLT.

• All WLT activities are open, fair, honest and legal. We aim to be transparent in our activities, with information readily available on our website. If the answers are not available, they can be requested via the Contact Us section: https:// www.worldlandtrust.org/contact-us/

Report of the Trustees

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Report of the Trustees

Trustees’ responsibilities in relation to the financial statements

The Trustees (who are also directors of World Land Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income or expenditure, of the charitable company and the group for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS 102);

and the integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustees are aware:

• there is no relevant audit information of which the charitable company’s auditor is unaware; and

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information

In preparing the Report of the Trustees, the Trustees have taken advantage of the exemption available to small companies and have not prepared a Strategic Report.

Signed on behalf of the Trustees,

Report of the Trustees

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any departures disclosed and explained in the financial statements;

M Archibald

Chair and Trustee

Approved on 25 June 2025

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company and the group will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance

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Independent Auditor’s Report

Opinion

We have audited the financial statements of World Land Trust for the year ended 31 December 2024 which comprise Consolidated Statement of Financial Activities, Summary Income and Expenditure Account, Group and Charity Balance Sheets, Consolidated Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 December 2024 and of the group and parent charitable company’s net movement in funds, including the income and expenditure, for the year then ended;

• • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Annual Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• • the directors’ report included within the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company; or

• • the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees for the financial

statements

As explained more fully in the trustees’ responsibilities statement set out on page 40, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Independent Auditor’s Report

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of noncompliance with laws and regulations related to charity and company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the risk of improper recognition of income and the risk of inappropriate journal entries. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Evaluating management’s controls

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Independent Auditor’s Report

• designed to prevent and detect irregularities;

• • Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and

• Challenging assumptions and judgements made by management in their accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Steve Harper (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor Date: 27-Jun-2025

10 Queen Street Place London EC4R 1AG

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Consolidated statement of financial activities For the year ended 31 December 2024

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Unrestricted Restricted Endowment Total Total
2023 -
funds funds funds 2024
Restated
Note £'000 £'000 £'000 £'000 £'000
Income and Endowments
Donations and legacies 3 1,941 5,290 - 7,231 8,991
Charitable activities 4 1,301 - - 1,301 1,122
Other trading activities 5 7 - - 7 1
Investment income 6 141 - 19 160 118
Total Income 3,390 5,290 19 8,699 10,232
Expenditure
Raising funds 7 273 478 11 762 598
Charitable activities:
Land acquisition 8 353 5,886 - 6,239 4,359
Reserve management 8 1,147 1,058 47 2,252 1,295
Reforestation 8 24 338 - 362 724
Partnerships & communications 8 592 506 - 1,098 1,021
Total Expenditure 2,389 8,266 58 10,713 7,997
Net gains/(losses) on
(14) - 81 67 134
investments
Net income/(expenditure) 987 (2,976) 42 (1,947) 2,369
Transfers between funds 23 (2,956) 2,956 - - -
Other gains/(losses) (75) 139 (24) 40 (182)
Net movement in funds (2,044) 119 18 (1,907) 2,187
Reconciliation of funds
Total funds brought forward
31 5,270 2,505 1,000 8,775 6,588
restated
Total funds carried forward 22 3,226 2,624 1,018 6,868 8,775
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Summary income and expenditure account For the year ended 31 December 2024

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2024 2023 -
Restated
£'000 £'000
Income 8,539 10,114
(Losses)/gains on investments (14) 31
Interest and investment income 141 90
Gross income 8,666 10,235
Expenditure 10,626 7,931
Interest payable 9 9
Depreciation and impairment charges 20 17
Total expenditure 10,655 7,957
Net income (1,989) 2,278
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The notes on pages 50-73 form part of these financial statements.

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

A full comparative Statement of Financial Activities is included in note 31. The notes on pages 50-73 form part of these financial statements.

46 World Land Trust Year ended 31 December 2024

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Consolidated statement of cashflows For the year ended 31 December 2024

Group and charity balance sheets At 31 December 2024

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||||||| |---|---|---|---|---|---| |Group|Charity| |es| |2023 -|2023 -| |2024|2024| |restated|restated| |Note|£'000|£'000|£'000|£'000| |ian| |Fixed assets| |14|1|1|1|1| |Intangible fixed assets| |15|525|519|122|115| |Tangible fixed assets| |Investments|16|1,501|1,495|1,501|1,489| |2,027|2,015|1,624|1,605| |Current assets| |Stock|17|270|75|-|-| |Debtors|18|1,814|1,173|1,981|1,288| |Cash at bank & in hand|7,140|10,524|6,771|9,924| |9,224|11,772|8,752|11,212| |Liabilities| |Creditors: amounts falling due within one year|19|(3,223)|(3,662)|(2,920)|(3,483)| |Net current assets|6,001|8,110|5,832|7,729| |Total assets less current liabilities|8,028|10,125|7,456|9,334| |Creditors: amounts falling due after one year|20|(1,160)|(1,350)|(1,017)|(1,235)| |Total net assets|6,868|8,775|6,439|8,099| |Funds of the charity| |Unrestricted funds|963|1,708|641|1,214| |Revaluation reserve|107|107|-|-| |23|1,070|1,815|641|1,214| |Designated funds|23|2,156|3,455|2,156|3,401| |Restricted funds|24|2,624|2,505|2,624|2,484| |Endowment funds|25|1,018|1,000|1,018|1,000| |Total charity funds|22|6,868|8,775|6,439|8,099|

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||||| |---|---|---|---| |ay|Group| |2024|2023 -| |restated| |Note|£'000|£'000| |inn| |Cashflows provided (to)/by operating activities|27|(3,543)|1,363| |Cash flows from investing activities:| |Dividends received|27|33| |Interest received|133|85| |Purchase of tangible fixed assets|(27)|(25)| |Proceeds from sale of investments|173|811| |Purchase of investments|(134)|(367)| |Net cash provided by investing activities|172|537| |Cash flows from financing activities:| |Repayment of borrowings|(16)|(15)| |Net cash used in financing activities|(16)|(15)| |Net change in cash and cash equivalents in the reporting period|(3,387)|1,885| |Cash at bank and in hand at the beginning of the reporting period|10,623|8,738| |Cash at bank and in hand at the end of the reporting period|7,236|10,623| |Cash and cash equivalents| |Cash at bank and in hand|7,140|10,524| |Cash held by investment manager|96|99| |Cash at bank and in hand at the end of the reporting period|7,236|10,623|

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The unconsolidated deficit of the Charity was £1,660,000 (2023 restated: surplus £2,521,000). Approved and authorised for issue by the Trustees on 25 June 2025

Chair of Trustees

Chair of Finance, Audit & Risk Committee

Grohe (Loire Asluny Myles Archibald Claire Ashby

The notes on pages 50-73 form part of these financial statements.

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Notes to the accounts

Notes to the accounts

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows;

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition, effective 1 January 2019) – (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiaries World Land Trust Trading Limited and WLT Australia Limited on a line-by-line basis. On 18 March 2024 WLT Australia was voluntarily de-registered and all net assets transferred to the parent charity prior to de-registration. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

c) Preparation of the accounts as a going concern

After reviewing the forecasts and liquidity position, the Trustees consider there to be no material uncertainties about the charity’s ability to continue as a going concern for the foreseeable future (being at least twelve months from the date of these accounts). The Trustees remain confident that the Charity can fulfil existing project commitments based on committed income sources and new projects will only be committed to where there is confidence in the income source. The Trustees therefore continue to adopt the going concern basis in preparing the financial statements.

d) Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation, and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled. Gift Aid receivable on donations is recognised as unrestricted income. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

For legacies, we recognise income at the point that we have entitlement, being probate granted, and we can measure the expected distribution with reasonable accuracy. On occasion legacies will be notified. However, it is not possible to measure the expected distribution. On these occasions, if significant, the legacy is treated as a contingent asset and disclosed. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes. It includes dividends and interest. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.

Investment income is earned through holding assets for investment purposes. It includes dividends and interest. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest

method and dividend income is recognised as the charity’s right to receive payment is established.

e) Donated services and facilities

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably, and the charity has control over the item. Fair value is determined based on the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where estimating the fair value is practicable upon receipt it is recognised in stock and ‘Income from other trading activities’. Upon sale, the value of the stock is charged against ‘Income from other trading activities’ and the proceeds are recognised as ‘Income from other trading activities’. Where it is impracticable to fair value the items due to the volume of low value items they are not recognised in the financial statements until they are sold. This income is recognised within ‘Income from other trading activities’.

f) Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets which must be held permanently by the charity or where there is a requirement to spend or apply the capital. The San Rafael Reserve in Paraguay are investments held for the furtherance and benefit of ongoing operational costs at the reserve. Income arising on the endowment fund can be used in accordance with the tripartite agreement with Conservation International Foundation and Guyra Paraguay. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

UK-Kites Hill is a reserve held in Gloucestershire gifted as a living legacy. The land is classified as an endowment fund due to the requirement to hold the asset into perpetuity, and it is therefore a permanent endowment.

g) Expenditure and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds includes of direct staff costs, external costs such as advertising and marketing and other costs associated with attracting voluntary income. Cost of raising funds also includes investment manager fees and costs associated with attracting trading income.

Expenditure on charitable activities includes those costs incurred by the charity and trading subsidiary in the delivery of its activities and services to beneficiaries. It includes costs sent to overseas partners to undertake our charitable activities in the relevant geographical locations and the staffing costs and meeting and travel expenditure required to liaise, evaluate and monitor those activities.

50 World Land Trust Year ended 31 December 2024

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Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Notes to the accounts

Notes to the accounts

Grants to overseas partners are recognised where either a legal obligation or a constructive obligation arises, and the conditions are not in control of the charity. The Trustees consider that a constructive obligation is created;

• where approval of the grant and communication to the partner occur prior to year-end and there is an established practice indicating WLT will fulfil its commitment. This relates to where the charity has a longerterm relationship with an overseas partner and historic practice is that the charity has fulfilled grant funding requirements and not withdrawn funding at a later date; or

• where approval of the grant and communication to the partner occur prior to year-end and payment is within two months as it is considered that this indicates that the conditions were out of the control of the charity at the year end and therefore a liability has been created. In our experience, where payment is made beyond two months of the year-end, the payment relates to the subsequent financial year.

• Irrecoverable VAT is charged as an expense against the activity for which expenditure arose

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include finance, H.R., I.T, general office and premises and governance costs which support the charitable activities of the charity. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are setout in note 9.

i) Operating leases

Operating lease rentals are charged to the Statement of Financial Activities over the period of the lease.

j) Intangible fixed assets

Intangible assets are amortised on a straight-line basis over their useful lives. The useful lives of intangible assets are as follows:

Type Useful economic life Basis

Trademarks 5 years In line with strategic plan to 2025

Provision is made for any impairment.

k) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Type Useful economic life

Office furniture, fittings 15% reducing balance and equipment Computer equipment 25% straight line

On transition to FRS 102, the Trustees took the transitional relief available and revalued the freehold property to deemed cost and a policy of ongoing revaluation has not been adopted. The valuation was prepared by O N Chapman, Independent Surveyors, Halesworth. The Trustees are of the opinion that due to the program of repairs and maintenance the property will not be less than the value in the accounts and therefore depreciation is not charged. An annual impairment review is undertaken by the Trustees and no impairments have been identified.

l) Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in subsidiaries are measured at cost less impairment.

m) Stock

Stock includes carbon credits which are a tradable monetary security which is equal to one tonne of a greenhouse gas, such as Carbon Dioxide. The credits are stated at the lower of cost and net realisable value. Provision is made where necessary for slow moving inventory.

n) Debtors

Trade debtors and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income is valued at the amount due.

o) Cash at bank and in hand

Cash at bank and in hand includes cash and short-term, highly liquid investments with a short maturity date of three months or less.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. Grant creditors are recognised in line with the policy set out in note 1(g) above.

q) Pensions

The Trust operates a defined contribution pension scheme which employees are entitled to join and is funded by contributions from the employee and employer. The contributions made for the accounting period are treated as an expense as they become payable and were £171,057 (2023: £130,332).

r) Redundancy

Where an obligation to make a redundancy or termination payment exists, the costs incurred by the charity are accounted for on an accruals basis and included within employee benefits.

s) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

t) Critical accounting judgements and estimates

In preparing these financial statements, the Trustees have made judgements, estimates and assumptions that affect the application of the charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The critical accounting judgements and estimates relate to;

• grants that are recognised based on the accounting policy as described in note 1 (g).

• • legacy income is recognised based on confirmed entitlement, being probate granted, and the expected distribution can be measured with reasonable accuracy, as described in note 1 (d).

• deferred income where amounts are set aside to meet the future expenditure of monitoring and evaluation of the carbon credits. The amounts are based on an estimate of future staffing costs and external costs of undertaking monitoring. These are estimated to be one month’s staff time per annum and biannual monitoring visits or additional due diligence remotely.

u) World Land Trust is a company limited by guarantee and registered in England and Wales (company number: 02552942). Its registered address is Blyth House, Bridge Street, Halesworth, Suffolk, IP19 8AB.

2. Gifts in kind

The value of volunteers, consultants and corporate entities time and resources is estimated at £nil (2023: £nil). We have included the value where it is quantifiable but recognise that the Trust received a significant level of support, which we are unable to reliably quantify.

This has not been recognised in the Statement of Financial Activities as set out in Section 1 (d) of the accounting policies.

worldlandtrust.org 53

52 World Land Trust Year ended 31 December 2024

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Notes to the accounts

Notes to the accounts

----- Start of picture text -----
3. Income from donations and legacies
2024 2023
Total Total
Unrestricted Restricted Endowment funds funds
£'000 £'000 £'000 £'000 £'000
Gifts 1,772 4,399 - 6,171 7,263
Legacies 169 - - 169 804
Grants - 891 - 891 924
Total 1,941 5,290 - 7,231 8,991
4. Income from charitable activities
----- End of picture text -----

----- Start of picture text -----
4. Income from charitable activities
2024 2023
Total Total
Unrestricted Restricted Endowment funds funds
£'000 £'000 £'000 £'000 £'000
Contractual income 1,301 - - 1,301 1,122
5. Income from other trading activities
----- End of picture text -----

----- Start of picture text -----
5. Income from other trading activities
2024 2023
Total Total
Unrestricted Restricted Endowment funds funds
£'000 £'000 £'000 £'000 £'000
Sales of cards 6 - - 6 -
Other 1 - - 1 1
Total 7 - - 7 1
6. Investment income
----- End of picture text -----

----- Start of picture text -----
6. Investment income
2024 2023 -
restated
Total Total
Unrestricted Restricted Endowment funds funds
£'000 £'000 £'000 £'000 £'000
Bank interest and dividends receivable 141 - 19 160 118
----- End of picture text -----

7. Analysis of expenditure on raising funds

----- Start of picture text -----
2024 2023
£'000 £'000
Costs of raising voluntary income:
Direct staff costs 474 374
Marketing, PR & events 38 13
Other direct fundraising costs 153 126
Apportionment of support and governance costs 83 72
748 585
Cost of trading operations 2 4
Investment manager fees 12 9
Total 762 598
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8. Analysis of expenditure on charitable activities

----- Start of picture text -----
Land Reserve Partnerships & Total
acquisition management Reforestation Communications 2024
£'000 £'000 £'000 £'000 £'000
Direct staff costs 181 135 12 311 639
Expenditure to project
5,419 1,207 308 135 7,069
partners
Other direct project costs 45 784 1 641 1,471
Travel and meeting costs 24 2 - 3 29
Apportionment of support
570 124 41 8 743
and governance costs
6,239 2,252 362 1,098 9,951
----- End of picture text -----

All grant expenditure is paid to institutions. A list of project partners is included on page 17.

----- Start of picture text -----
Prior year restated: Land Reserve Partnerships & Total
acquisition management Reforestation Communications 2023
£'000 £'000 £'000 £'000 £'000
Direct staff costs 172 134 21 314 641
Expenditure to project
3,623 608 667 283 5,181
partners
Other direct project costs 58 448 1 412 919
Travel and meeting costs 15 - - 3 18
Apportionment of support
491 105 35 9 640
and governance costs
4,359 1,295 724 1,021 7,399
----- End of picture text -----

54 World Land Trust Year ended 31 December 2024

worldlandtrust.org 55

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Notes to the accounts

Notes to the accounts

----- Start of picture text -----
9. Analysis of support and governance costs
Basis of General Total
apportionment support Governance 2024
£'000 £'000 £'000
Staff costs Staff time 409 21 430
Travel and meeting costs Type of meeting 4 5 9
Finance Staff time & governance 89 28 117
I.T. Staff time 97 - 97
HR Staff time 108 1 109
64 - 64
Premises and general office management Staff time & governance
Total 771 55 826
----- End of picture text -----

----- Start of picture text -----
Prior year: Basis of General Total
apportionment support Governance 2023
£'000 £'000 £'000
Staff costs Staff time 308 29 337
Travel and meeting costs Type of meeting 6 5 11
Finance Staff time & governance 41 30 71
I.T. Staff time 127 - 127
HR Staff time 104 - 104
62 - 62
Premises and general office management Staff time & governance
Total 648 64 712
----- End of picture text -----

10. Movement in total funds for the year

----- Start of picture text -----
2024 2023 -
restated
£'000 £'000
This is stated after charging:
Auditor's remuneration - charity 25 25
- Subsidiary 4 3
-
- WLT Australia 1
Bank loan interest payable 9 9
Depreciation and amortisation 20 17
Foreign exchange (gain)/loss (40) 183
(Gain) on investments (67) (134)
----- End of picture text -----

11. Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel

----- Start of picture text -----
2024 2023
£'000 £'000
Salaries and wages 1,259 1,114
Social security costs 113 108
Pension costs 171 130
1,543 1,352
Staff received emoluments in the following bands:
£100,000-£110,000 1 -
£80,000 -£90,000 1 1
£70,000-£80,000 1 1
£60,000-£70,000 2 2
----- End of picture text -----

The charity Trustees were not paid or received any other benefits from employment with the Trust or its subsidiaries in the year (2023: £nil).

No charity trustee received, or was entitled to receive, any remuneration (2023: £nil). During the year the Trust made payment on behalf or reimbursement to Trustees in respect of travel and subsistence £2,879 (2023: £3,186).

The employee benefits of the key management personnel for the group was £420,000 (2023: £396,000).

The number of employees in the key management personnel group was 5 (2023: 5).

56 World Land Trust Year ended 31 December 2024

worldlandtrust.org 57

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Notes to the accounts

Notes to the accounts

11. Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel

The monthly average head count was 41 staff (2023: 36 staff) and the monthly average numbers of fulltime equivalent employees (including part time staff) during the year were as follows:

----- Start of picture text -----
2024 2023
number number
Raising funds 13 10
Charitable activities 14 13
Support 9 7
Ecosystems services 3 3
Total staff numbers 39 33
----- End of picture text -----

12. Related party transactions

The Trust has considered the disclosure requirements of the Charities SORP and believes that the following related party transactions, all of which were made on an arm’s length basis, require disclosure. Donations from Trustees (including connected persons and parties), in aggregate, totalled £66,173 during 2024 (2023: £62,844).

Payment of £16,725 for creative production was paid to Media Bounty during 2024 (2023: £4,572). Emma Tozer, trustee, is a director of this company.

No amounts were outstanding at the year end.

The following transactions occurred between World Land Trust and its wholly owned subsidiary World Land Trust Trading Limited:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£’000|£’000| |Charged to World Land Trust| |Rental income|(13,250)|(13,250)| |Charged by World Land Trust| |Salaries and Pension costs|96,335|91,891| |9,984|9,397| |Office costs inc. Technology, website, rates, utilities and software| |Loan interest|8,145|5,691| |Total|114,464|106,979|

----- End of picture text -----

13. Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

14. Intangible fixed assets

Intangible assets consist of WLT Carbon Balanced trademarks. Intangible assets at 31 December 2024 were held at £1,000 (2023: £1,000).

15. Tangible fixed assets

----- Start of picture text -----
Freehold Conservation IT equipment Total
Fixtures & fittings
Property Land
£'000 £'000 £'000 £'000 £'000
a) Group
Cost or valuation
At 1 January 2024 400 75 29 146 650
Additions - - 3 24 27
Disposals - - - (78) (78)
At 31 December 2024 400 75 32 92 599
Depreciation
At 1 January 2024 - - 20 111 131
Charge for the year - - 2 19 21
Disposals - - - (78) (78)
At 31 December 2024 - - 22 52 74
Net book value
At 31 December 2024 400 75 10 40 525
At 31 December 2023 400 75 9 35 519
Conservation IT equipment Total
Fixtures & fittings
Land
£'000 £'000 £'000 £'000
b) Charity
Cost or valuation
At 1 January 2024 75 19 119 213
Additions - 3 24 27
Disposals - - (78) (78)
At 31 December 2024 75 22 65 162
Depreciation
At 1 January 2024 - 14 84 98
Charge for the year - 1 19 20
Disposals - - (78) (78)
At 31 December 2024 - 15 25 40
Net book value
At 31 December 2024 75 7 40 122
At 31 December 2023 75 5 35 115
----- End of picture text -----

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58 World Land Trust Year ended 31 December 2024

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Notes to the accounts

Notes to the accounts

----- Start of picture text -----
16. Investments
Group Charity
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Valuation at 1 January 1,396 1,819 1,390 1,811
Additions at cost 134 367 134 367
Disposals (173) (811) (167) (809)
Net gain on revaluation 67 134 67 134
Exchange (loss) (19) (113) (19) (113)
Valuation at 31 December 1,405 1,396 1,405 1,390
Cash held by investment manager 96 99 96 99
Total valuation at 31 December 1,501 1,495 1,501 1,489
Comprising of:
Unlisted securities - 6 - -
Listed UK and overseas shares 1,034 1,019 1,034 1,019
UK Investment funds 467 470 467 470
Total 1,501 1,495 1,501 1,489
Restriction analysis:
Unrestricted 552 565 552 559
Endowment 949 930 949 930
Total 1,501 1,495 1,501 1,489
----- End of picture text -----

16. Investments

----- Start of picture text -----
2024 2023
£ £
Subsidiary undertakings
Shares in subsidiary undertakings 1 2
Details of subsidiary undertakings at the balance sheet date are as follows:
Name Nature of business & Owned Results Net Assets
£'000 £'000
World Land Trust Trading Ltd Conservation 100 Turnover 1,325 427
contracting Expenditure 1,096
229
Net profit
Gift Aid (403)
WLT Australia Ltd Conservation 100 Income - -
charity Expenditure 72
Deficit (72)
----- End of picture text -----

Details of subsidiary undertakings at the balance sheet date are as follows:

The charity holds 1 share of £1 in its wholly owned trading subsidiary company World Land Trust Trading Limited (Company number: 05913370) which is incorporated in the United Kingdom. These are the only shares allotted, called up and fully paid. The activities and results are summarised above.

The charity held 1 share of AUD$1 in its wholly owned subsidiary WLT Australia Limited which was incorporated in Australia. These are the only shares allotted and called up. During 2024 WLT Australia Limited was voluntarily de-registered and all remaining funds transferred to WLT prior to de-registration. The activities and results are summarised above.

17. Stock

----- Start of picture text -----
Group Charity
2024 2023 - 2024 2023
restated
£'000 £'000 £'000 £'000
Carbon offsets 270 75 - -
270 75 - -
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60 World Land Trust Year ended 31 December 2024

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Notes to the accounts

Notes to the accounts

18. Debtors

----- Start of picture text -----
Group Charity
2024 2023 2024 2023 -
restated
£'000 £'000 £'000 £'000
Trade debtors 350 193 199 80
Other debtors 205 154 205 154
Amounts due from subsidiary - - 409 350
Prepayments and accrued income 1,259 826 1,168 704
1,814 1,173 1,981 1,288
----- End of picture text -----

19. Creditors: amounts falling due within one year

----- Start of picture text -----
Group Charity
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Loans 9 7 - -
Trade creditors 96 49 102 53
Tax and social security costs 146 105 29 39
Accruals and deferred income 223 155 40 46
Grant commitments 2,749 3,346 2,749 3,345
3,223 3,662 2,920 3,483
20. Creditors: amounts falling due after one year
Group Charity
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Loans 106 115 - -
Accruals and deferred income 37 - - -
Grant commitments 1,017 1,235 1,017 1,235
1,160 1,350 1,017 1,235
----- End of picture text -----

The bank loan is secured on the Blyth House property owned by World Land Trust Trading Limited. The loan financing is in the form of a secured loan with a variable interest rate provided by Barclays Bank Plc. The loan includes £63,000 (2023: £66,000) repayable by installments, due after five years.

21. Deferred income

Deferred income comprises contractual amounts received in advance for carbon balanced projects which will be released over future years to match against the related project expenditure.

----- Start of picture text -----
Group Charity
£'000 £'000
Balance at 1 January 2024 85 -
Amount released during the year (45) -
Amount deferred in the year - -
Balance at 31 December 2024 40 -
----- End of picture text -----

Within deferred income £37,000 (2023: £40,000) is falling due after more than one year.

22. Analysis of total funds

At 31 December 2024 total funds comprise:

----- Start of picture text -----
2024 2024 Restated Restated
2023 2023
Note £'000 £'000 £'000 £'000
Unrestricted funds 23 1,070 1,815
Designated funds 23 2,156 3,455
3,226 5,270
Restricted funds 24 2,624 2,505
Endowment funds 25 1,018 1,000
Total funds 6,868 8,775
----- End of picture text -----

Unrestricted funds represent the funds for the general use of the Trust as set out in our Financial Review within the Annual Report. As set out in note 23 the unrestricted funds include a revaluation reserve of £107,000 (2023: £107,000) which is not readily accessible to the charity.

Designated funds are amounts set aside by the Trustees for conservation and strategic purposes. These funds are not available for the general use of the trust.

Restricted funds represent funds given to the trust for specific projects or activities. Disbursement of funds are in accordance with relative conditions imposed and are not available for the general use of the Trust.

The endowment funds represent funds or assets given to the Trust under terms requiring the funds to be held in perpetuity.

Further details of the funds held by the Trust are explained in notes 23-25.

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62 World Land Trust Year ended 31 December 2024

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Notes to the accounts

Notes to the accounts

23. Analysis of unrestricted and designated funds

----- Start of picture text -----
Balance Balance
1 January Net gains 31 December
2024 - restated Income Expenditure Transfers /(losses) 2024
£'000 £'000 £'000 £'000 £'000 £'000
Unrestricted funds:
General Fund 1,708 1,882 (1,906) (645) (76) 963
Revaluation Reserve 107 - - - - 107
1,815 1,882 (1,906) (645) (76) 1,070
Designated funds:
Action Fund 1,459 1,344 (343) (1,448) (13) 999
Revolving Fund 39 - (26) - - 13
Legacy Fund 1,359 164 (114) (1,193) - 216
Projects Fund 18 - - (3) - 15
Strategic 580 - - 333 - 913
Development Fund
3,455 1,508 (483) (2,311) (13) 2,156
Total 5,270 3,390 (2,389) (2,956) (89) 3,226
Prior year restated: Balance Balance
1 January Net gains 31 December
2023 Income Expenditure Transfers /(losses) 2023 - restated
£'000 £'000 £'000 £'000 £'000 £'000
Unrestricted funds:
General Fund 1,899 1,716 (1,143) (641) (123) 1,708
Revaluation Reserve 107 - - - - 107
2,006 1,716 (1,143) (641) (123) 1,815
Designated funds:
Action Fund 1,002 1,535 (370) (708) - 1,459
Revolving Fund 39 - - - - 39
Legacy Fund 1,111 621 (280) (93) - 1,359
Projects Fund 25 - - (7) - 18
Strategic 651 - - (71) - 580
Development Fund
2,828 2,156 (650) (879) - 3,455
Total 4,834 3,872 (1,793) (1,520) (123) 5,270
----- End of picture text -----

23. Analysis of unrestricted and designated funds

Unrestricted funds description:

The General Fund represents the working capital and operating fixed assets of the group and is analysed in note 26. This includes the profits of the trading company which will be transferred to the charity and reinvested in carbon activities, paid over via Gift Aid, within 9 months of the year end. The Revaluation Reserve represents the movement on revaluing the property to deemed cost under the transitional arrangements allowed by FRS 102.

Designated funds description:

The Action Fund is a designated fund to provide funding for conservation work where it is most urgently needed or where we are unable to raise funds through appeals or other sources, allowing the Trust to react to the changing circumstances faced by our Conservation Partners. We actively spend funds and regular givers donations are earmarked to this fund, unless otherwise specified, allowing support to conservation work. In 2024 we spent £1.448M to support conservation work.

The Revolving Fund is a designated fund to provide funding for urgent conservation projects for which the Trust has yet to raise funds through an appeal or from other sources. The Trust provides funding to the partners to undertake conservation work in lieu of future funds coming in. Due to the varying nature of the projects or programmes supported, the timeframe for disbursement of the fund – and subsequent repayment thereby allowing new project and programme support – varies on an individual project and programme basis.

The Legacy Fund represents unrestricted legacy income receivable, which will be disbursed to support conservation projects and programmes of the Trust. This fund includes legacies that are accrued and are included in debtors on the balance sheet. The Trust actively disburses funds when appropriate projects or programmes are identified and actively looking for appropriate land acquisition projects to ensure a lasting impact in perpetuity. During 2024 we transferred £1.193M to support conservation programmes. We anticipate that funds will be expended within a two-year period but recognise that some legacies take an appreciable amount of time from initial recognition to completion of the legacy.

The Projects Fund represents unrestricted funds approved by the Trustees to support specific conservation programmes. The remaining funding balance is earmarked for a restricted project in Peru and will be allocated and disbursed in 2025.

The Strategic Development Fund is a designated fund to provide funding for the internal investment and growth of the Trust. During 2024 funding was allocated against planned future spend for brand amplification, technology services, legacy communication strategy and donor acquisition research work.

64 World Land Trust Year ended 31 December 2024

worldlandtrust.org 65

\b/ meee

Notes to the accounts ~~VO~~

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Notes to the accounts

23. Analysis of transfers between funds

----- Start of picture text -----
|||||| |---|---|---|---|---| |Note|Unrestricted|Designated|Restricted| |£'000|£'000|£'000| |oe|aaa| |Transfer from General Fund|1|(378)|-|378| |Transfers from Action Fund|2|-|(1,448)|1,448| |Transfers from Legacy Fund|3|-|(1,193)|1,193| |Transfers from Projects Fund|4|-|(3)|3| |Net transfers between Strategic|5|(333)|333|-| |Development Fund and General Fund| |Transfers between Digital Transformation|6|66|-|(66)| |Fund and General Fund| |(645)|(2,311)|2,956|

----- End of picture text -----

1. Includes a transfer of £403K from General Fund to Carbon allocating the gift aid received from the Trading company for 2023 profits. Other net transfers of £25K were made into the General Fund.

2. Transfers were made to a range of restricted projects as they were identified during 2024.

3. Transfers were made to a range of restricted projects as they were suitably identified during 2024.

4. £3K was transferred to agreed restricted project in 2024.

5. £650k was transferred from General Fund to Strategic Development Fund to support Technology Roadmap implementation, Brand amplification, Legacy communications

6. £66K was transferred to General Fund to match expenditure in 2024.

----- Start of picture text -----
|||||| |---|---|---|---|---| |Prior year:|Note|Unrestricted|Designated|Restricted| |£'000|£'000|£'000| |Transfer from General Fund|1|(833)|-|833| |Transfers from Action Fund|2|-|(708)|708| |Transfers from Legacy Fund|3|-|(93)|93| |Transfers from Projects Fund|4|-|(7)|7| |Transfers between Strategic Development|5|71|(71)|-| |Fund and General Fund| |Transfers between Digital|6|121|-|(121)| |Transformation Fund and General Fund| |(641)|(879)|1,520|

----- End of picture text -----

1. A transfer of £780K from General Fund to Carbon was made allocating the gift aid received from the Trading company for 2022 profits. £53K of other transfers were made supporting project related costs.

2. Transfers were made to a range of restricted projects as they were identified during 2023.

3. Transfers were made to a range of restricted projects as they were suitably identified during 2023.

4. £7K was transferred to agreed restricted project in 2023.

5. £71K was transferred to General Fund to match expenditure in 2023.

6. £121K was transferred to General Fund to match expenditure in 2023.

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Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Notes to the accounts

Notes to the accounts

24. Analysis of restricted funds

----- Start of picture text -----
Balance Balance
1 January Net gains 31 December
2024 - restated Income Expenditure Transfers /(losses) 2024
£'000 £'000 £'000 £'000 £'000 £'000
Specific projects:
Brand Amplification 50 - (343) 293 - -
campaign
Buy an Acre 404 887 (210) (263) 7 825
Carbon 820 179 (80) (2) - 917
Digital Transformation 214 - - (66) - 148
Keepers of the Wild - 31 (8) (20) - 3
Partner symposium - 1 (1) - - -
Plant a Tree 131 397 (91) (248) - 189
Small grant programme 100 - (82) (16) - 2
1,719 1,495 (815) (322) 7 2,084
By country:
Angola - 15 (4) (17) 6 -
Argentina 48 - (80) 22 10 -
Armenia 49 - (286) 237 - -
Belize 2 1 (1,179) 1,176 - -
Bolivia 79 53 (431) 274 25 -
Borneo 32 9 (2) (2) - 37
Brazil 1 532 (626) 47 46 -
Cameroon - 109 (108) (1) - -
Colombia 85 209 (637) 365 (2) 20
Ecuador 114 1,759 (1,876) 178 44 219
Guatemala 115 432 (578) 45 (14) -
Honduras - - (65) 64 1 -
India 83 16 (31) 27 - 95
Kenya (142) - (140) 134 24 (124)
Madagascar 10 59 (113) 54 - 10
Mexico 3 - (161) 159 (1) -
Nepal 28 - (37) - 9 -
Pakistan - - (51) 51 - -
Paraguay (4) 7 (2) (4) 6 3
Peru (18) 63 (39) 2 (2) 6
South Africa - 528 (868) 340 - -
Tanzania - - (92) 118 (26) -
Uganda - - (17) 12 5 -
Venezuela - - - (1) 1 -
Vietnam 295 1 (24) - - 272
Zambia 1 - - (1) - -
UK 5 2 (4) - - 3
786 3,795 (7,451) 3,278 132 541
Total 2,505 5,290 (8,266) 2,956 139 2,624
----- End of picture text -----

24. Analysis of restricted funds (continued)

----- Start of picture text -----
Prior Year restated Balance Balance
1 January Net gains 31 December
2023 Income Expenditure Transfers /(losses) 2023
£'000 £'000 £'000 £'000 £'000 £'000
Specific projects:
Brand Amplification 50 - - - - 50
campaign
Buy an Acre 419 774 (181) (608) - 404
Carbon (250) 232 (54) 892 - 820
Digital Transformation 255 80 - (121) - 214
John Burton Memorial 70 163 (234) 1 - -
Keepers of the Wild - 83 (19) (64) - -
Partner symposium 50 12 (110) 48 - -
Plant a Tree (107) 486 (112) (136) - 131
Small grant programme 100 - - - - 100
Other 5 - (6) 1 - -
592 1,830 (716) 13 - 1,719
By country:
Angola 33 8 (119) 66 12 -
Argentina - 58 (110) 89 11 48
Armenia - 31 (253) 269 2 49
Belize 1 1 - - - 2
Bolivia - 363 (323) 34 5 79
Borneo (1) 43 (10) - - 32
Brazil 11 1,060 (1,495) 425 - 1
Colombia 5 1,048 (1,109) 141 - 85
Ecuador (236) 685 (360) (6) 31 114
Guatemala 91 56 (186) 164 (10) 115
Honduras - - (150) 150 - -
India 8 98 (23) - - 83
Kenya (205) 63 (306) 301 5 (142)
Madagascar - 598 (589) (4) 5 10
Mexico 177 4 (109) (68) (1) 3
Nepal 22 - - - 6 28
Pakistan - - (29) 29 - -
Paraguay - 42 (28) (22) 4 (4)
Peru - 141 (75) (77) (7) (18)
Phillipines 1 - (1) - - -
South Africa - - - (21) 21 -
Tanzania (87) 98 (23) - 12 -
Uganda (53) 80 (131) 104 - -
Venezuela - - (11) 10 1 -
Vietnam 399 - (100) - (4) 295
Zambia (46) 21 97 (77) 6 1
UK 5 4 (4) - - 5
125 4,502 (5,447) 1,507 99 786
Total 717 6,332 (6,163) 1,520 99 2,505
----- End of picture text -----

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68 World Land Trust Year ended 31 December 2024

Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

Notes to the accounts

Notes to the accounts

24. Analysis of restricted funds

Description of funds:

The above funds, listed by campaign, specific programme of work or country, represent funds received specifically for carrying out activities within those areas. Specific programme funds are detailed below in addition to one that is in deficit.

• Brand Amplification campaign is a fund where we have received grant restricted funding to assist in raising the awareness of the organisation following a review of our overall branding as an organisation. These funds were fully expended in 2024 as the refreshed brand was rolled out.

• Buy an Acre is a fund that receives donations from supporters where their donation can on average support land purchase for £100 per acre.

• Carbon Balanced receives donations from organisations and individuals to support our carbon sequestration projects.

• The Digital Transformation fund is restricted funding from a three- year grant. This was awarded to contribute towards our digital transformation work over the strategy period to 2025.

• Keepers of the Wild is a fund where donations received support ranger costs and equipment across a range of our programme partners.

• Plant a Tree is a fund where donations support reforestation projects across a range of our programme partners.

• Small grant programme is a fund where we have received restricted grant funding to provide funding to innovative, high risk or scoping funding to Conservation Partners which may lead to larger scale projects being implemented. This has been expended in 2024.

• Kenya is in deficit at the end of 2024. We have committed and recognised full project costs. We have secured grant funding for $300K but this is dependent on project milestones and progress and will be matched against expenditure as the project activities progress. It is anticipated that grant funding will be received and the project will complete in 2025.

25. Analysis of endowment funds

----- Start of picture text -----
Balance Balance
1 January Net gains 31 December
2024 Income Expenditure Transfers /(losses) 2024
£'000 £'000 £'000 £'000 £'000 £'000
San Rafael fund 925 19 (58) - 57 943
UK - Kites Hill 75 - - - - 75
1,000 19 (58) - 57 1,018
Prior year: Balance Balance
1 January Net gains 31 December
2023 Income Expenditure Transfers /(losses) 2023
£'000 £'000 £'000 £'000 £'000 £'000
San Rafael fund 962 28 (40) - (25) 925
UK - Kites Hill 75 - - - - 75
1,037 28 (40) - (25) 1,000
----- End of picture text -----

26. Analysis of group net assets between funds

----- Start of picture text -----
2024
General Designated Restricted Endowment Total
£'000 £'000 £'000 £'000 £'000
450 - - 75 525
Tangible fixed assets
1 - - - 1
Intangible fixed assets
Investments 460 92 - 949 1,501
Cash at bank and in hand (193) 2,064 5,275 (6) 7,140
Other net assets/(liabilities) 496 (1,635) - (1,139)
Creditors: falling due after one year (144) - (1,016) - (1,160)
1,070 2,156 2,624 1,018 6,868
----- End of picture text -----

----- Start of picture text -----
Prior year restated: 2023
General Designated Restricted Endowment Total
£'000 £'000 £'000 £'000 £'000
444 - - 75 519
Tangible fixed assets
1 - - - 1
Intangible fixed assets
Investments 476 89 - 930 1,495
Cash at bank and in hand 31 3,366 7,132 (5) 10,524
Other net assets/(liabilities) 978 - (3,392) - (2,414)
Creditors: falling due after one year (115) - (1,235) - (1,350)
1,815 3,455 2,505 1,000 8,775
2023 figures adjusted to reflect unrestricted investments.
27. Reconciliation of net income to cash flow from operating activities
Group
2024 2023
restated
£'000 £'000
Net (expenditure)/income for the year (1,907) 2,187
Adjustments for:
Depreciation and amortisation charges 21 17
Net gains on investments (67) (134)
Dividends receivable (27) (33)
Interest receivable (133) (85)
Interest payable 9 9
(Increase)/decrease in stock (195) (30)
(Decrease)/increase in debtors (641) 324
(Decrease)/increase in creditors (622) (1,005)
Change due to investment exchange rate movements 19 113
Net cash provided (to)/by operating activities (3,543) 1,363
----- End of picture text -----

2023 figures adjusted to correctly reflect foreign exchange movements.

70 World Land Trust Year ended 31 December 2024

worldlandtrust.org 71

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Notes to the accounts

28. Legal status of the Trust

WLT is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability of the guarantee is limited to £10 per member of the charity

29. Operating leases (Group & Charity)

----- Start of picture text -----
29. Operating leases (Group & Charity) Equipment
2024 2023
£'000 £'000
Total commitments in relation to operating leases expiring are as follows:
Not later than one year 1 1
- 2
Within two to five years
1 3
----- End of picture text -----

30. Prior Year Adjustment

Vintage carbon stock purchased in 2023 should have been released as direct project costs in 2023 in the subsidiary undertaking. Carbon credits associated with carbon balanced payments to partners in 2023 were not credited to the parent charity in 2023. Within the charity this resulted in an overstatement of direct costs and an understatement of amounts due from the subsidiary undertaking in 2023. Within the Group the adjustments resulted in a net understatement of direct costs and an overstatement of stock in 2023. Consequently, a prior year adjustment has been made to accurately reflect direct costs and stock at the end of 2023. The impact of the stock adjustment on the figures within the financial statements can be summarised as follows:

----- Start of picture text -----
Group Charity
£'000 £’000
Increase/(decrease) in direct costs 151 (181)
Decrease in stock (151) -
Increase in amounts due from subsidiary undertaking - 181
Total Funds as previously reported 2023 8,926 7,918
(Increase)/decrease in direct costs (151) 181
Total Funds 2023 as restated 8,775 8,099
Net movement in funds as previously reported 2023 2,338 2,340
(Increase)/decrease in direct costs (151) 181
Net movement in funds as restated 2,187 2,521
Net Assets as previously reported 8,926 7,918
Decrease in stock (151) -
-
Increase in amounts due from subsidiary undertaking 181
Net Assets as restated 8,775 8,099
----- End of picture text -----

Notes to the accounts

----- Start of picture text -----
Impact of prior year adjustment for 2023: As Previously stated Adjustment Restated
£’000 £’000 £’000
Group
Increase in direct costs (1,144) (151) (1,295)
Decrease in stock 226 151 75
Charity £’000 £’000 £’000
Decrease in direct costs (783) 181 (602)
Amount due from subsidiary (169) (181) (350)
----- End of picture text -----

The increase in direct costs relating to the release of stock and allocation of carbon credits in 2023 in the subsidiary undertaking was £332k, resulting in an overstatement of profits by £332k and an overpayment of gift aid during 2024 of £332k. As gift aid was overpaid during 2024, the overpayment has been treated as part of the wider intercompany account between the subsidiary undertaking and the parent charity.

31. Restated comparative statement of financial activities (31 December 2023)

----- Start of picture text -----
Unrestricted Restricted Endowment Total
funds funds funds 2023
£'000 £'000 £'000 £'000
Income and Endowments
Donations and legacies 2,659 6,332 - 8,991
Charitable activities 1,122 - - 1,122
Other trading activities 1 - - 1
Investment income 90 - 28 118
Total Income 3,872 6,332 28 10,232
Expenditure
Raising funds 236 353 9 598
Charitable activities:
Land acquisition 231 4,128 - 4,359
Reserve management 732 531 32 1,295
Reforestation 14 710 - 724
Partnerships & communications 580 441 - 1,021
Total Expenditure 1,793 6,163 41 7,997
Net gains on investments 34 - 100 134
Net income/(expenditure) 2,113 169 87 2,369
Transfers between funds (1,520) 1,520 - -
Other gains/(losses) (157) 99 (124) (182)
Net movement in funds 436 1,788 (37) 2,187
Reconciliation of funds
Total funds brought forward 4,834 717 1,037 6,588
Total funds carried forward 5,270 2,505 1,000 8,775
----- End of picture text -----

worldlandtrust.org 73

72 World Land Trust Year ended 31 December 2024

~~ee~~ Docusign Envelope ID: 9FDF4FA5-3E56-481D-A4E2-C44DD3F28DB4

A special thank you to the organisations supporting WLT

Corporate Supporters

Alexanders Group Aptus Utilities Astley Clarke AXA IM UK Bio-Rad Butterfield & Robinson C.P. Company Colijn IT BV Coolspirit DAKS Simpson Darabeto Delicious London Denmaur Ecclesiastical Insurance El Camino Bracelets Eleos Compliance Euromonitor International Expedition Growth Capital Flexiteek International Grain Post Production HORIBA UK House of Hackney Humble Bundle IUCN National Committee of the Netherlands

Jestico + Whiles Jonny Lu Studios Kingfisher Kingsbury Watermill Museum & The Waffle House Kit & Kin Loyens & Loeff Maidenhead Aquatics Marren Microwave Media Bounty Mint Velvet Moon Climbing Mr & Mrs Smith Hotels Much Better Adventures Mulberry NGE Booking Agency Nightwish Nikwax & Páramo Directional Clothing Parkside Ceramics Paul J Mottram Ltd Peter Harrington Pink Elephant Group Plan South America

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Charitable Trusts And Foundations

Allan & Gill Gray Philanthropies Bartlett Taylor Charitable Trust Buchanan Programme & Edward Blain

Buchanan Programme & Matteo Sbalzarini

CHK Foundation Congregation of La Retraite Constance Travis Charitable Trust Corton Hill Trust

Ernest Kleinwort Charitable Trust Gowling WLG (UK) Charitable Trust

Kilverstone Wildlife Charitable

Trust Ma’at Environment Fund Newall Charitable Trust Newby Trust S C and M E Morland’s Charitable Trust

Simon Gibson Charitable Trust Stiftung Ormella Swire 2765 The Brindle Foundation The Ecological Restoration Fund The Edward Hoare Charitable Fund

The Fidelis Foundation The Generations Trust

The Hippocleides Trust The Hugh Anderson Legacy Trust The Kajatawa Foundation The Leach No 14 Trust The Lyndal Tree Foundation The Murmuration Wildlife Trust The Pack Foundation The Ridgeback Charitable Trust The Stephen and Joanne Vaughan Charitable Trust The Vijay & Shama Bhardwaj Foundation Willow Charitable Trust

Schools And Universities

Dragon School Fettes College Preparatory

School Low Furness CE Primary School Roger de Clare C. of E. First School and Nursery St. John’s C of E Primary School St. Joseph Elementary School The Boswells School

Zoological Associations Amazona Zoo Birdworld Blackpool Zoo Park Chessington Conservation GIVSKUD ZOO – ZOOTOPIA Hertfordshire Zoo Stichting Wildlife The Big Cat Sanctuary Wingham Wildlife Park

World Land Trust, Blyth House, Bridge Street, Halesworth, Suffolk, IP19 8AB, UK Tel: [phone] | Email: [e-mail]

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